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TAXES (Tables)

12 Months Ended

Dec. 31, 2025

TAXES

Schedule of components of income tax expense

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA includes significant tax-related provisions, including the permanent extension of certain provisions of the Tax Cuts and Jobs Act, modifications to Section 174 research and development capitalization rules, changes to the Section 163(j) interest expense limitation, and modifications to net operating loss provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the impact of the OBBBA on its deferred tax assets and liabilities as of December 31, 2025. Due to the Company's full valuation allowance against its net deferred tax assets, the OBBBA did not have a material impact on the Company's income tax expense for the year ended December 31, 2025.

The components of the income tax expense for the fiscal years ended December 31, 2025 and 2024 are as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	December 31,
​	​	2025		​ ​ ​	2024
Current		​	​		​	​
Federal	​	$	—	​	$	—
State	​		14	​		34
Foreign	​	​	—	​	​	—
Total current	​	$	14	​	$	34
Deferred	​		​	​		​
Federal	​	$	—	​	$	—
State	​		—	​		—
Foreign	​	​	—	​	​	—
Total deferred	​	$	—	​	$	—
Total income tax expense	​	$	14	​	$	34

​

Reconciliation of total income tax expense and the amount computed

A reconciliation of total income tax expense and the amount computed by applying the federal statutory income tax rate of 21.0% to loss before provision from income taxes for the fiscal years ended December 31, 2025 and 2024 are as follows:

​	​	​	​	​	​	​	​
​	​	2025		​	2024
Computed expected tax benefit at federal statutory rate	​	$	(5,437)	​	$	(4,358)	​
State benefit, net of federal benefit	​		(575)	​	​	(285)	​
Convertible debt change in fair value	​		409	​	​	—	​
Stock-based compensation expense	​		932	​	​	528	​
Extinguishment of debt	​		—	​	​	75	​
Change in valuation allowance	​		4,621	​	​	3,905	​
Foreign rate differential	​	​	(10)	​	​	133	​
Other permanent book-tax differences	​		35	​	​	36	​
Other	​	​	39	​	​	—	​
Total income tax expense	​	$	14	​	$	34	​

​

Schedule of net deferred tax assets

Temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	December 31,
Deferred tax assets	​	2025		​ ​ ​	2024
Accruals and revenues	​	$	267	​ ​ ​	$	473
Stock based compensation	​		1,717	​		1,306
Deferred revenue	​		536	​		864
Net operating loss	​		15,295	​		10,756
Unrealized gain	​		15	​		18
Section 163(j)	​		945	​		634
Capitalized research & development expenses	​		228	​		315
Property and equipment	​		5	​		56
Total gross deferred assets	​	$	19,008	​	$	14,422
Valuation allowance	​		(19,005)	​		(14,384)
Total deferred tax assets	​	$	3	​	$	38
Deferred tax liabilities	​		​	​		​
Right of use asset	​		(3)	​		(38)
Total deferred tax liabilities	​	$	(3)	​	$	(38)
Net deferred tax assets	​	$	—	​	$	—

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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