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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax amount to the effective income tax amount for the year ended December 31, 2024:
(in thousands) |  | Year Ended December 31, 2024 |  |
Federal income tax at statutory rate |  | $ | (14,864) |  |  |
State income tax, net of federal benefit |  | (4,816) |  |  |
Equity-based Compensation |  | 1,566 |  |  |
Tax credits generated in current year |  | (2,091) |  |  |
Valuation allowance change |  | 20,167 |  |  |
Other |  | 38 |  |  |
Total |  | $ | — |  |  |
The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our effective amount and rate for the year ended December 31, 2025:
| Year Ended December 31, 2025
(in thousands) | $ |  | %
At US Federal Statutory Tax Rate | $ | (12,390) |  |  | 21.0 | %
State Income Taxes, net of Federal Effect | — |  |  | — | %
Change in Valuation Allowance | 11,826 |  |  | (20.0) | %
Nontaxable or Nondeductible Items |  |  |
Equity Compensation | 652 |  |  | (1.1) | %
Other Nondeductible Items | 23 |  |  | — | %
Tax Credits |  |  |
R&D Credits | (139) |  |  | 0.2 | %
Changes in Unrecognized Tax Benefits | 28 |  |  | (0.1) | %
| $ | — |  |  | — | %
Schedule of Deferred Tax Assets and Liabilities | Components of the Company’s deferred tax assets are as follows:
(in thousands) | December 31, 2025 |  | December 31, 2024
Deferred tax assets |  |  |
Depreciation and amortization | $ | 5,927 |  |  | $ | 4,287 |
Capitalized research and development | 11,878 |  |  | 23,844 |
Loss carryforwards | 56,649 |  |  | 32,740 |
Lease liabilities | 8,021 |  |  | 8,158 |
Tax credit carryforwards | 11,748 |  |  | 11,526 |
Equity-based compensation | 6,305 |  |  | 5,330 |
Other accruals and reserves | 356 |  |  | 59 |
Total deferred tax assets | 100,884 |  |  | 85,944 |
Valuation allowance for deferred tax assets | (93,398) |  |  | (78,381) |
Total deferred tax assets, net of valuation allowance | $ | 7,486 |  |  | $ | 7,563 |
Deferred tax liability |  |  |
Right-of-use assets | (7,421) |  |  | (7,563) |
Unrealized loss on investment | (65) |  |  | — |
Net deferred tax assets (liability) | $ | — |  |  | $ | — |
Schedule of Valuation Allowance | The following table presents a reconciliation of the total change in the valuation allowance (in thousands):
| Year Ended December 31,
(in thousands) | 2025 |  | 2024
Beginning balance | $ | (78,381) |  |  | $ | (58,215) |
Change charged to income tax expense | (15,082) |  |  | (20,166) |
Change charge to OCI | 65 |  |  | — |
Ending balance | $ | (93,398) |  |  | $ | (78,381) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, excluding potential interest and penalties, is as follows:
(in thousands) | December 31, 2025 |  | December 31, 2024
Beginning balance | $ | 3,146 |  |  | $ | 2,365 |
Increase based on current year tax positions | 484 |  |  | 838 |
Decrease for prior year tax positions | (421) |  |  | (57) |
Ending balance | $ | 3,209 |  |  | $ | 3,146 |

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