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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of loss before income taxes | Loss before income before income taxes are as follows (in thousands):
| Year ended December 31, 2025 |  | Year ended December 31, 2024
United Kingdom | $ | (42,544) |  |  | $ | (27,510) |
United States | (24,053) |  |  | (32,833) |
Other foreign | (36) |  |  | (884) |
Loss before income taxes | $ | (66,633) |  |  | $ | (61,227) |
Schedule of components of income tax benefit (expense) | The components of income tax benefit are as follows (in thousands):
| Year ended December 31, 2025 |  | Year ended December 31, 2024
Current income tax benefit/(expense): |  |  |
United States | $ | — |  |  | $ | (70) |
Other Foreign | (9) |  |  | (22) |
Deferred income tax benefit: |  |  |
United States | 184 |  |  | 136 |
Total income tax benefit | $ | 175 |  |  | $ | 44 |
Schedule of Reconciliation to the effective tax rate | A reconciliation of the U.K. statutory income tax rate to the Company's effective tax rate as reflected in the consolidated financial statements is as follows:
| Year ended December 31, 2025 |  | Year ended December 31, 2024
Statutory tax rate | $ | 16,658 |  |  | 25.00 | % |  | $ | 15,307 |  |  | 25.00 | %
Increase (decreases) resulting from: |  |  |  |  |  |  |
Foreign tax effects-United States: |  |  |  |  |  |  |
Changes in valuation allowance | (6,122) |  |  | (9.17) |  |  | (4,002) |  |  | (6.54) |
Share-based compensation | (118) |  |  | (0.18) |  |  | — |  |  | — |
Non-taxable or non-deductible items | (506) |  |  | (0.76) |  |  | (3,505) |  |  | (5.73) |
Foreign tax effects-Switzerland: |  |  |  |  |  |  |
Share-based compensation | (2) |  |  | — |  |  | (30) |  |  | (0.05) |
Effect of change in tax laws or rates enacted in the current period | 598 |  |  | 0.90 |  |  | 721 |  |  | 1.18 |
Tax credits | (81) |  |  | (0.12) |  |  | (3,501) |  |  | (5.72) |
Changes in valuation allowance | (7,513) |  |  | (11.27) |  |  | (2,116) |  |  | (3.46) |
Non-taxable or non-deductible items | (2,496) |  |  | (3.75) |  |  | (46) |  |  | (0.06) |
Other adjustments | (243) |  |  | (0.37) |  |  | (2,784) |  |  | (4.55) |
Effective tax rate | $ | 175 |  |  | 0.28 | % |  | $ | 44 |  |  | 0.07 | %
Schedule of significant components of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| December 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 40,691 |  |  | $ | 26,040 |
Research and development credit carryforwards | 313 |  |  | 47 |
Share based compensation | 4,190 |  |  | 4,753 |
Lease liability | 2,965 |  |  | 3,156 |
Accruals | 28 |  |  | — |
Intangible amortization | 459 |  |  | 452 |
Capitalized Research and Development expenditure | 4,765 |  |  | 6,185 |
Other | 62 |  |  | 10 |
Gross deferred tax asset | 53,473 |  |  | 40,643 |
Valuation allowance | (46,266) |  |  | (30,830) |
Net deferred tax assets | 7,207 |  |  | 9,813 |
Deferred tax liabilities: |  |  |
Depreciation | (1,130) |  |  | (1,815) |
Right-of-use lease asset | (1,060) |  |  | (1,149) |
Undistributed earnings of subsidiaries | (1,339) |  |  | (1,248) |
Intangible assets | (3,932) |  |  | (6,039) |
Net deferred tax liabilities | (7,461) |  |  | (10,251) |
Total deferred tax, net | $ | (254) |  |  | $ | (438) |
Schedule of changes in the valuation allowance for deferred tax assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 related primarily to the increase in net operating loss and credit carryforwards, and were as follows:
| Year ended December 31, 2025 |  | Year ended December 31, 2024
Valuations allowance at beginning of year | $ | 30,830 |  |  | $ | 25,057 |
Changes in valuation allowance arising from in-year additions | — |  |  | — |
Increases recorded to income tax provision | 13,634 |  |  | 6,123 |
Foreign exchange translation | 1,802 |  |  | (350) |
Valuation allowance at end of year | $ | 46,266 |  |  | $ | 30,830 |

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