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INCOME TAXES (Tables)
 12 Months Ended
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,
202520242023
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,
202520242023
Current:
Federal$— $— $— 
State1,624 — — 
Foreign— — — 
Total current1,624 — — 
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 & entertainment165 (4.4)
Lobbying contributions294 (7.9)
Stock compensation680 (18.3)
162(m) compensation limit731 (19.6)
Pharma fee105 (2.8)
Warrant liability651 (17.5)
Other Adjustments
Other18 (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,
 20242023
U.S. federal tax at statutory rate21.0 %21.0 %
State and local tax at statutory rate0.6 2.7 
Research and development tax credits1.9 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 changes13.5 (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,
 20252024
Deferred tax assets:  
Accrued expenses and other current liabilities$9,374 $1,757 
Deferred revenue15,765 13,222 
Sale of royalty12,251 13,595 
R&D credits7,726 6,152 
Capitalized R&D costs11,873 21,270 
Net operating loss carryforward289,712 291,723 
ASC 842 lease liability832 2,248 
Working Capital Fund liability9,366 10,123 
Intangible assets4,631 2,040 
Other22,021 29,048 
Total deferred tax assets383,551 391,178 
Less valuation allowance(382,001)(387,803)
Total deferred tax assets, net of valuation allowance1,550 3,375 
Deferred tax liabilities:
481(a) adjustments(670)(1,271)
ROU asset (ASC 842)(859)(2,065)
Other(21)(39)
Total deferred tax liabilities(1,550)(3,375)
Net deferred tax liability$— $— 
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$2,697 
Reductions based on tax positions of current years(2,697)
Balance at December 31, 2023— 
Reductions based on tax positions of current years— 
Balance at December 31, 2024— 
Reductions based on tax positions of current years— 
Balance at December 31, 2025$—