Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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