v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Net Loss Before Tax Provision from Income Taxes | The components of net loss before tax provision from income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | (59,579 | ) |  | $ | (67,137 | )
United Kingdom |  |  | (272 | ) |  |  | (6,760 | )
Total |  | $ | (59,851 | ) |  | $ | (73,897 | )
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Taxes | The following table presents a reconciliation of the Company’s expected tax computed at the U.S. statutory federal income tax rate to the total provision for income taxes (in thousands):
|  | Year Ended December 31, |  |
|  | 2025 |  |  | 2024 |  |
U.S. federal taxes at statutory rate |  | $ | (12,569 | ) |  | $ | (15,518 | ) |
State taxes, net of federal benefit |  |  | — |  |  |  | 1 |  |
Acquired in-process research and development, related party |  |  | — |  |  |  | 7,698 |  |
Effect of cross-border transfers |  |  | 1,303 |  |  |  | — |  |
Non-deductible officer compensation |  |  | 293 |  |  |  | 575 |  |
Foreign rate differential |  |  | 237 |  |  |  | (211 | ) |
Stock-based compensation |  |  | 83 |  |  |  | 588 |  |
Tax credits |  |  | (403 | ) |  |  | (86 | ) |
Other expenses, net |  |  | (228 | ) |  |  | (123 | ) |
Change in valuation allowance |  |  | 11,284 |  |  |  | 7,076 |  |
Effective income tax rate |  | $ | — |  |  | $ | — |  |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are presented below (in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 28,202 |  |  | $ | 22,725 |
Intangible assets |  |  | 4,447 |  |  |  | 1,946 |
Research and development expenses |  |  | 3,824 |  |  |  | 2,388 |
Stock compensation expense, including 162m limitations |  |  | 1,400 |  |  |  | 432 |
Research credits |  |  | 1,104 |  |  |  | 702 |
Accrued compensation and benefits |  |  | 332 |  |  |  | 303 |
Operating lease liabilities |  |  | 113 |  |  |  | 121 |
Other expenses |  |  | 37 |  |  |  | 13 |
Total deferred tax assets |  |  | 39,459 |  |  |  | 28,630 |
Valuation allowance |  |  | (39,368 | ) |  |  | (28,492 | )
Net deferred tax assets |  |  | 91 |  |  |  | 138 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease, right-of-use asset |  |  | (106 | ) |  |  | (112 | )
Other assets |  |  | 15 |  |  |  | (26 | )
Total deferred tax liabilities |  |  | (91 | ) |  |  | (138 | )
Net deferred tax assets and liabilities |  | $ | — |  |  | $ | — |
Schedule of Valuation Allowance | The changes in the valuation allowance were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Valuation allowance as of beginning of year |  | $ | 28,492 |  |  | $ | 20,856 |
Net increases recorded to income tax provision |  |  | 10,876 |  |  |  | 7,636 |
Valuation allowance as of end of year |  | $ | 39,368 |  |  | $ | 28,492 |

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