XML 58 R36.htm IDEA: XBRL DOCUMENT v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes were as follows for the years ended December 31, 2025 and 2024 (in thousands):

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Current:

 

 

 

 

 

 

Federal

 

$

12

 

 

$

(7

)

State

 

 

 

 

 

 

Total current

 

 

12

 

 

 

(7

)

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

(491

)

State

 

 

 

 

 

 

Total deferred

 

 

 

 

 

(491

)

Provision (benefit) for income taxes

 

$

12

 

 

$

(498

)

Schedule of Effective Tax Rate Reconciliation

A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows:

 

Year Ended December 31, 2025

 

Amount

 

 

Percentage

U.S. federal taxes at statutory rate

 

$

(10,262

)

 

 

21.0

 

%

State tax, net of federal benefit

 

 

 

 

 

 

 

Tax credits

 

 

(1,195

)

 

 

2.5

 

 

Change in valuation allowance

 

 

9,972

 

 

 

(20.4

)

 

Nontaxable or nondeductible items

 

 

 

 

 

 

 

Stock based compensation

 

 

1,081

 

 

 

(2.2

)

 

Permanent differences

 

 

56

 

 

 

(0.1

)

 

Other

 

 

(2

)

 

 

 

 

Changes in unrecognized tax benefits

 

 

359

 

 

 

(0.8

)

 

Other

 

 

3

 

 

 

 

 

Provision for income taxes

 

$

12

 

 

 

 

%

 

 

 

Year Ended December 31,

 

 

2024

 

U.S. federal taxes at statutory rate

 

 

21.0

%

State tax, net of federal benefit

 

 

8.0

 

Stock compensation

 

 

(0.7

)

Tax credits

 

 

1.5

 

Change in valuation allowance

 

 

(29.0

)

Other

 

 

(0.1

)

Total effective income tax rate

 

 

0.7

%

Schedule of Deferred Income Tax Assets and Liabilities The types of temporary differences that give rise to significant portions of the Company’s deferred income tax assets and liabilities are set out below (in thousands):

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Net operating loss carryforwards

 

$

14,149

 

 

$

7,122

 

Research and development credits

 

 

5,318

 

 

 

4,102

 

Operating lease liabilities

 

 

5,620

 

 

 

7,129

 

Stock-based compensation

 

 

474

 

 

 

61

 

Accrued liabilities

 

 

1,319

 

 

 

1,163

 

Section 174 capitalized research and development costs

 

 

22,932

 

 

 

20,855

 

Total deferred tax assets before valuation allowance

 

 

49,812

 

 

 

40,432

 

Valuation allowance

 

 

(44,015

)

 

 

(33,061

)

Total deferred tax assets

 

 

5,797

 

 

 

7,371

 

Property and equipment

 

 

(683

)

 

 

(766

)

Operating lease right-of-use assets

 

 

(5,114

)

 

 

(6,605

)

Total deferred tax liabilities

 

 

(5,797

)

 

 

(7,371

)

Net deferred income tax liabilities

 

$

 

 

$

 

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Balance at the beginning of the year

 

$

3,567

 

 

$

2,529

 

Additions based on tax positions related to current year

 

 

620

 

 

 

998

 

Adjustment based on tax positions related to prior years

 

 

(42

)

 

 

40

 

Balance at end of the year

 

$

4,145

 

 

$

3,567