Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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	$	—	$	—