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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of (Loss) Income Before Income Taxes and Gain from Equity Method Investees, Net | The components of loss before income taxes, net are as follows (in thousands):
| Years Ended December 31,
| 2025 |  | 2024
United States | $ | (44,717) |  |  | $ | (136,223) |
Foreign | (4,234) |  |  | (1,508) |
Total | $ | (48,951) |  |  | $ | (137,731) |
Reconciliation of Income Taxes Computed at Statutory Federal Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 is as follows (in thousands, expect percentages):
| Year Ended December 31, |  |  |
| 2025 |  |  |
Income tax (benefit) at the statutory federal income tax rate | $ | (10,280) |  |  | 21.0 | % |  |  |
State and local taxes |  |  |  |  |  |
State and local taxes | (2,228) |  |  | 4.6 | % |  |  |
Valuation allowance | 2,228 |  |  | (4.6) | % |  |  |
Foreign tax effects |  |  |  |  |  |
Netherlands |  |  |  |  |  |
Foreign tax rate differential | (181) |  |  | 0.4 | % |  |  |
Valuation allowance | 974 |  |  | (2.0) | % |  |  |
Other foreign jurisdictions | 97 |  |  | (0.2) | % |  |  |
Valuation allowance | 7,107 |  |  | (14.5) | % |  |  |
Nondeductible or nontaxable items |  |  |  |  |  |
Nondeductible loss on stock | 1,111 |  |  | (2.3) | % |  |  |
Share-based compensation | 1,085 |  |  | (2.2) | % |  |  |
Other | 87 |  |  | (0.2) | % |  |  |
Total income tax expense (benefit) | — |  |  | — | % |  |  |
The following table is a reconciliation of income taxes computed at the statutory federal income tax rate (21.0% federal income tax rate in the United States for 2024) to the income tax expense (benefit) reflected in the consolidated statement of operations and comprehensive loss (in thousands, except percentages):
|  |  |  |  | Year Ended December 31,
|  |  | 2024
Income tax (benefit) at the statutory federal income tax rate |  |  |  |  | $ | (28,924) |  |  | 21.0 | %
Foreign tax rate differential |  |  |  |  | 102 |  |  | (0.1) | %
State and local taxes |  |  |  |  | (12,148) |  |  | 8.8 | %
Share Based Compensation |  |  |  |  | 547 |  |  | (0.4) | %
Nondeductible loss on stock |  |  |  |  | 1,126 |  |  | (0.8) | %
Valuation allowance |  |  |  |  | 34,544 |  |  | (25.1) | %
Expiring NOLs |  |  |  |  | 1,109 |  |  | (0.8) | %
Other |  |  |  |  | 3,644 |  |  | (2.6) | %
Total income tax expense (benefit) |  |  |  |  | $ | — |  |  | — | %
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows (in thousands):
|  | Years Ended December 31,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Net operating loss and credit carryforwards |  | $ | 178,709 |  |  | $ | 150,372 |
Stock-based compensation |  | 6,850 |  |  | 6,636 |
Operating lease liability |  | 5,156 |  |  | 9,551 |
Accrued expenses |  | 82 |  |  | 168 |
Deferred revenue |  | 125 |  |  | 203 |
Equity method investment |  | 1,213 |  |  | 3,875 |
R&D capitalization |  | 26,752 |  |  | 38,517 |
Other |  | 1,383 |  |  | 4,357 |
Total deferred tax assets |  | 220,270 |  |  | 213,679 |
Valuation allowance |  | (215,942) |  |  | (205,566) |
Total net deferred tax asset |  | 4,328 |  |  | 8,113 |
Deferred tax liabilities: |  |  |  |
Operating lease asset |  | (4,328) |  |  | (8,113) |
Other |  | — |  |  | — |
Total deferred tax liabilities |  | (4,328) |  |  | (8,113) |
Net deferred income tax assets and liabilities |  | $ | — |  |  | $ | — |

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