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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for (benefit from) income taxes consists of the following (in thousands):

			Year ended December 31,
			2025						2024						2023
Current taxes:
Federal			799						2,688						2,419
State			2,327						6,688						3,515
Total current taxes			3,126						9,376						5,934
Deferred taxes:
Federal			3,087						(41,331)						—
State			59						(12,291)						—
Total deferred taxes			3,146						(53,622)						—
Provision for (benefit from) income taxes			$	6,272					$	(44,246)					$	5,934

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 21.0% U.S. federal income tax rate to income before income taxes for years after the adoption of ASU 2023-09 is as follows (in thousands, except percentages):

			Year ended December 31, 2025
			Amount						%
U.S. federal statutory income tax rate			$	2,068					21.0		%
State and local taxes, net of federal income tax effect (1)			2,053						20.9
Tax credits:
Research and development tax credit			(6,275)						(63.7)
Nontaxable or nondeductible items:
Meals and entertainment			123						1.2
Stock-based compensation			1,817						18.5
Section 162(m) limitation			2,343						23.8
Common stock warrant expense			1,840						18.7
Net federal true-up			496						4.9
Other adjustments			116						1.2
Changes in unrecognized tax benefits			1,654						16.8
Other adjustments			37						0.4
Effective tax rate			$	6,272					63.7		%

_______________

(1) The states and local jurisdictions that contribute to the majority (greater than 50.0%) of the tax effect in this category include New York City, Minnesota, California, and Ohio.

A reconciliation of the provision for (benefit from) income taxes to the amount computed by applying the 21.0% U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:

			Year ended December 31,
			2024						2023
U.S. federal statutory income tax rate			21.0		%				21.0		%
State and local taxes, net of federal income tax effect			17.2						6.3
Permanent items			—						6.7
Stock-based compensation			(11.9)						2.1
Net federal true-up			(3.3)						(0.5)
Change in valuation allowance			(239.3)						(17.8)
Research and development tax credit			(19.9)						(15.0)
Common stock warrant expense			25.1						6.3
Changes in unrecognized tax benefits			(8.2)						4.4
Convertible note			13.9						—
Section 162(m) limitation			8.7						—
Equity compensation related adjustment			16.0						—
Effective tax rate			(180.7)		%				13.5		%

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid, net of refunds, by jurisdiction for years after the adoption of ASU 2023-09 were as follows (in thousands):

			Year ended December 31, 2025
Federal			$	2,655
State and local			2,492
Income taxes, net of refunds			$	5,147

Income taxes paid, net of refunds, exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions (in thousands):

			Year ended December 31, 2025
State
California			$	321
Minnesota			340
New Jersey			$	691

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred income taxes were as follows (in thousands):

			December 31,
			2025						2024
Deferred tax assets:
Net operating loss, credit carryforwards			$	22,402					$	19,533
Accruals and reserves			8,888						9,640
User redemption liability			8,503						9,630
Capitalized research and development			22,653						39,031
Other deferred tax assets			6,815						—
Gross deferred tax assets			69,261						77,834
Deferred tax liabilities:
Property and equipment			(10,793)						(3,416)
Other deferred tax liabilities			(3,618)						(1,207)
Gross deferred tax liabilities			(14,411)						(4,623)
Net deferred tax assets			$	54,850					$	73,211

Summary of Valuation Allowance

The table below details the activity of the deferred tax assets valuation allowance (in thousands):

			Balance at Beginning of Year						Additions						Deductions						Balance at End of Year
Deferred tax assets valuation allowance:
Year ended December 31, 2025			$	—					$	—					$	—					$	—
Year ended December 31, 2024			(58,624)						—						58,624						—
Year ended December 31, 2023			$	(65,270)					$	—					$	6,646					$	(58,624)

Schedule of Unrecognized Tax Benefits Roll Forward

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

			Year ended December 31,
			2025						2024						2023
Beginning balance			$	19,812					$	15,306					$	17,251
Additions/(reductions) based on tax positions related to the current year			(11)						4,506						(1,945)
Additions/(reductions) for tax positions related to prior years			—						—						—
Ending balance			$	19,801					$	19,812					$	15,306

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