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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Current |  |  |
Federal | $ | — |  |  | $ | — |
State | 2 |  |  | 1 |
Foreign | 500 |  |  | — |
Total current | 502 |  |  | 1 |
Deferred |  |  |
Federal | — |  |  | — |
State | — |  |  | — |
Foreign | — |  |  | — |
Total deferred | — |  |  | — |
Total income tax expense | $ | 502 |  |  | $ | 1 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company's income tax expense to the amount computed by applying the federal statutory income tax rate for the year ended December 31, 2025 is summarized as follows (in thousands):
| Year Ended December 31,
| 2025
| Amount |  | Percentage
Statutory regular federal income tax rate | $ | (17,140) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect 1 | 263 |  |  | (0.3) | %
Foreign tax effects |  |  |
Singapore |  |  |
Witholding taxes | 500 |  |  | (0.6) | %
Tax credits |  |  |
Research and development tax credit | (763) |  |  | 0.9 | %
Changes in valuation allowance | 16,026 |  |  | (19.6) | %
Nontaxable and nondeductible items |  |  |
Nondeductible executive compensation | 1,291 |  |  | (1.6) | %
Other | 282 |  |  | (0.3) | %
Changes in unrecognized tax benefits | 114 |  |  | (0.2) | %
Other adjustments | (71) |  |  | 0.1 | %
Effective tax rate | $ | 502 |  |  | (0.6) | %
1 State taxes in California and Virginia make up the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the Company’s income tax expense to the amount computed by applying the federal statutory income tax rate for the year ended December 31, 2024 is summarized as follows (in thousands):
| Year Ended December 31,
| 2024
Expected tax benefit computed at federal statutory rate | $ | (10,452) |
State income taxes, net of federal tax benefit | (2,117) |
Research and development credits | (2,119) |
Reserve for uncertain tax positions | 2,328 |
Prior year permanent differences | 586 |
Current year permanent differences | 377 |
Other | 515 |
Change in valuation allowance | 10,883 |
Income tax expense | $ | 1 |
Schedule of Income Tax Paid | Income taxes paid by jurisdiction was as follows (in thousands):
| Year Ended December 31,
| 2025
U.S. Federal taxes | $ | — |
U.S. State and local taxes | 2
Foreign taxes |
Singapore | 500 |
Total income taxes paid | 502 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets (liabilities) are summarized as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 38,196 |  |  | $ | 15,543 |
Research and development credit carryforwards | 8,918 |  |  | 8,162 |
Capitalized research and development | 20,723 |  |  | 28,294 |
Other | 2,964 |  |  | 1,795 |
Total deferred tax assets | 70,801 |  |  | 53,794 |
Valuation allowance | (70,313) |  |  | (53,174) |
Net deferred tax assets | 488 |  |  | 620 |
Deferred tax liabilities |  |  |
Other | (488) |  |  | (620) |
Total deferred tax liabilities | 488 |  |  | 620 |
Net deferred tax assets | $ | — |  |  | $ | — |
Schedule of Operating Loss Carryforwards and Tax Credit Carryforwards | At December 31, 2025, the Company's federal and state net operating loss (NOL) and tax credit carryforwards were as follows (in thousands):
| Amount |  | Expiration Years
Net operating losses, federal (starting from January 1, 2018) | $ | 178,923 |  |  | Do not expire
Net operating losses, state | 12,415 |  |  | Starting in 2040
Tax credits, federal | 8,289 |  |  | Starting in 2040
Tax credits, state | 797 |  |  | 2042
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the changes to the Company’s gross unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Balance at beginning of year | $ | 4,282 |  |  | $ | 1,953 |
Increases (decreases) related to prior year tax positions | (12) |  |  | (5) |
Increases related to current year tax positions | 146 |  |  | 2,334 |
Balance at end of year | 4,416 |  |  | 4,282 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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