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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Before Provision | Income before provision for income taxes was as follows (in thousands):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | (3,721) |  |  | $ | (69,410) |  |  | $ | (51,925) |
Foreign | — |  |  | — |  |  | — |
Income (loss) before taxes | $ | (3,721) |  |  | $ | (69,410) |  |  | $ | (51,925) |
Schedule of Provision for Income Taxes | The Company’s income tax provision was computed based on the federal statutory rate and the state statutory rates, net of the related federal benefit. The components of provision for income taxes for all periods presented were as follows (in thousands):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 1,624 |  |  | — |  |  | — |
Foreign | — |  |  | — |  |  | — |
Total current | 1,624 |  |  | — |  |  | — |
Deferred: |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Foreign | — |  |  | — |  |  | — |
Total deferred | — |  |  | — |  |  | — |
Total income taxes | $ | 1,624 |  |  | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Differs From Statutory Federal Income Tax Rate | A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
| Year Ended December 31,
| 2025
| (In thousands) |  | Percent
U.S. federal statutory tax rate | $ | (781) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) | 1,283 |  |  | (34.5) |
Tax credits |  |  |
Research and development tax credits | (988) |  |  | 26.6 |
Changes in valuation allowances | (533) |  |  | 14.3 |
Nontaxable or nondeductible items |  |  |
Meals & entertainment | 165 |  |  | (4.4) |
Lobbying contributions | 294 |  |  | (7.9) |
Stock compensation | 680 |  |  | (18.3) |
162(m) compensation limit | 731 |  |  | (19.6) |
Pharma fee | 105 |  |  | (2.8) |
Warrant liability | 651 |  |  | (17.5) |
Other Adjustments |  |  |
Other | 18 |  |  | (0.6) |
Effective tax rate | $ | 1,624 |  |  | (43.7) | %
(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Tennessee.
|  |  | Years Ended December 31,
|  |  | 2024 |  | 2023
U.S. federal tax at statutory rate |  |  | 21.0 | % |  | 21.0 | %
State and local tax at statutory rate |  |  | 0.6 |  |  | 2.7 |
Research and development tax credits |  |  | 1.9 |  |  | 0.3 |
Change in valuation allowance |  |  | (32.5) |  |  | (9.1) |
Other permanent differences |  |  | (1.7) |  |  | (2.0) |
Stock option cancellations |  |  | (1.8) |  |  | (3.7) |
Stock option shortfalls |  |  | — |  |  | (1.7) |
Effect of rate changes |  |  | 13.5 |  |  | (7.7) |
Provision to return adjustment |  |  | (1.0) |  |  | (0.3) |
Other |  |  | — |  |  | 0.5 |
Effective tax rate |  |  | — | % |  | — | %
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Accrued expenses and other current liabilities | $ | 9,374 |  |  | $ | 1,757 |
Deferred revenue | 15,765 |  |  | 13,222 |
Sale of royalty | 12,251 |  |  | 13,595 |
R&D credits | 7,726 |  |  | 6,152 |
Capitalized R&D costs | 11,873 |  |  | 21,270 |
Net operating loss carryforward | 289,712 |  |  | 291,723 |
ASC 842 lease liability | 832 |  |  | 2,248 |
Working Capital Fund liability | 9,366 |  |  | 10,123 |
Intangible assets | 4,631 |  |  | 2,040 |
Other | 22,021 |  |  | 29,048 |
Total deferred tax assets | 383,551 |  |  | 391,178 |
Less valuation allowance | (382,001) |  |  | (387,803) |
Total deferred tax assets, net of valuation allowance | 1,550 |  |  | 3,375 |
Deferred tax liabilities: |  |  |
481(a) adjustments | (670) |  |  | (1,271) |
ROU asset (ASC 842) | (859) |  |  | (2,065) |
Other | (21) |  |  | (39) |
Total deferred tax liabilities | (1,550) |  |  | (3,375) |
Net deferred tax liability | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ending December 31, 2025, 2024 and 2023 are as follows (in thousands):
Balance at December 31, 2022 | $ | 2,697 |
Reductions based on tax positions of current years | (2,697) |
Balance at December 31, 2023 | — |
Reductions based on tax positions of current years | — |
Balance at December 31, 2024 | — |
Reductions based on tax positions of current years | — |
Balance at December 31, 2025 | $ | — |

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