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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of loss before income taxes

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)	​ ​ ​	2025		​ ​ ​	2024
U.S.	​ ​ ​	$	25,933	​ ​ ​	$	(13,573)
Foreign	​		(98,742)	​		(86,424)
Loss before income taxes	​	$	(72,809)	​	$	(99,997)

Summary of income tax expense

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)	​ ​ ​	2025		​ ​ ​	2024
Current:	​ ​ ​	​	​	​	​	​
Federal	​	$	—	​	$	—
State	​		(130)	​		7
Foreign	​		832	​		459
Total current expense	​		702	​		466
Deferred:	​		​	​		​
Federal	​		—	​		—
State	​		—	​		—
Foreign	​		(471)	​		(278)
Total deferred expense	​	​	(471)	​	​	(278)
Income tax (benefit) expense	​	$	231	​	$	188

Schedule of effective income tax reconciliation

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025
(in thousands, except percentages)	​	Amount		​	Percent
U.S. Federal Statutory Tax Rate	​ ​ ​	​	(15,679)	​	​	21.0%
​	​	​	​	​	​	​
State and Local Income Taxes, Net of Federal Income Tax Effect		​	(131)	​	​	0.2%
​	​	​	​	​	​	​
Foreign Tax Effects		​	​	​	​	​
Singapore	​	​	​	​	​	​
Singapore Local NOL	​	​	(12,996)	​	​	17.4%
DTA not recognized due to DCL election	​	​	12,996	​	​	(17.4)%
Other	​	​	39	​	​	(0.1)%
Other foreign jurisdictions	​	​	(68)	​	​	0.1%
​	​	​	​	​	​	​
Tax Credits	​	​	​	​	​	​
Research and development tax credits	​	​	(2,669)	​	​	3.6%
Energy-related tax credits	​	​	-	​	​	0.0%
Other	​	​	-	​	​	0.0%
​	​	​	​	​	​	​
Changes in Valuation Allowances	​	​	11,640	​	​	(15.6)%
​	​	​	​	​	​	​
Nontaxable or Nondeductible Items	​	​	​	​	​	​
Share-based payment awards	​	​	1,542	​	​	(2.1)%
Other	​	​	(398)	​	​	0.5%
​	​	​	​	​	​	​
Changes in Unrecognized Tax Benefits		​	1,301	​	​	(1.7)%
​		​	​	​	​	​
Other Adjustments	​	​	​	​	​	​
Statutory tax rate difference between Elimination and United States		​	4,654	​	​	(6.2)%
​		​	​	​	​	​
Effective Tax Rate		​	231	​	​	(0.3)%

​

​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2024
Tax provision (benefit) at U.S. statutory rate	​ ​ ​	​	21.0%
Foreign tax		​	(0.3)%
Other permanent items		​	(0.1)%
Section 162(m)	​	​	(0.7)%
Stock-based compensation	​	​	(1.0)%
Research and development tax credits		​	1.3%
Unrecognized tax benefits		​	(0.4)%
Change in valuation allowance		​	(16.5)%
Deferred adjustments	​	​	(2.5)%
Change in Sponsor Earn-Out liabilities	​	​	(1.1)%
Effective tax rate		​	(0.2)%

Summary of components of net deferred tax assets

​

​	​	​	​	​	​	​
​	​	As of December 31,
(in thousands)	​ ​ ​	2025		​ ​ ​	2024
Deferred tax assets:	​ ​ ​	​	​	​	​	​
Net operating losses	​	$	44,948	​	$	35,191
Section 174	​	​	29,141	​	​	25,306
Research and development tax credits	​		6,821	​		4,298
Lease liabilities	​	​	2,110	​	​	3,060
Stock-based compensation	​		2,044	​		2,741
Fixed assets	​	​	1,802	​	​	562
Accruals and reserves	​		1,491	​		1,547
Deferred revenue	​	​	1,135	​	​	—
Intangibles	​	​	—	​	​	138
Other	​		—	​		94
Total deferred tax assets	​		89,492	​		72,937
Deferred tax liabilities:	​		​	​		​
ROU assets	​		(1,913)	​		(2,781)
Intangibles	​	​	(162)	​	​	—
Other	​	​	(23)	​	​	—
Total deferred tax liabilities	​		(2,098)	​		(2,781)
Net deferred tax asset before valuation allowance	​	​	87,394	​	​	70,156
Valuation allowance	​		(85,877)	​		(68,821)
Net deferred tax asset	​	$	1,517	​	$	1,335

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
​	​	As of December 31,
(in thousands)	​ ​ ​	2025		​ ​ ​	2024
Beginning of the year	​ ​ ​	$	7,600	​	$	5,502
Increase – prior year positions	​		1,728	​		1,521
Increase – current year positions	​		1,168	​		577
End of the year	​	$	10,496	​	$	7,600

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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