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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The U.S. and foreign components of pretax loss are as follows:
| Year Ended December 31,
| 2025 |  | 2024
Pretax Loss |  |  |
U.S. | $ | (5,314) |  |  | $ | (480) |
Foreign | — |  |  | — |
Total Pretax Loss | $ | (5,314) |  |  | $ | (480) |
A reconciliation of income tax expense at the statutory rate to income tax expense at our effective tax rate is as follows (table in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Tax Expense Computed at Federal Statutory Rate | $ | (1,116) |  |  | 21.0 | % |  | $ | (101) |  |  | 21.0 | %
State and Local Income Tax, net of Federal Income Tax Effect | (69) |  |  | 1.3 | % |  | (6) |  |  | 1.3 | %
Effect of Change in Valuation Allowance | 1,185 |  |  | (22.3) | % |  | 107 |  |  | (22.3) | %
Total Income Tax Expense | $ | — |  |  | — | % |  | $ | — |  |  | — | %
The details of the net deferred tax asset are as follows (dollars in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net Operating Loss Carryforward | $ | 72,886 |  |  | $ | 71,423 |
Stock Based Compensation | 3,230 |  |  | 4,584 |
General Business Credit | 6,872 |  |  | 6,872 |
Research & Experimental Expenses | 219 |  |  | 338 |
Inventories | 27 |  |  | 474 |
Deferred Interest | 2,150 |  |  | 1,909 |
Accrued Expenses | 68 |  |  | 84 |
Deferred License Revenue | — |  |  | 106 |
Other Deferred Tax Assets | 244 |  |  | 65 |
Total Deferred Tax Assets | 85,696 |  |  | 85,855 |
Deferred Tax Liabilities: |  |  |
Goodwill & Intangible Assets | 363 |  |  | 327 |
Prepaid Expenses | 208 |  |  | 205 |
Book over Tax Depreciation | 7 |  |  | 60 |
Total Deferred Tax Liabilities | 578 |  |  | 592 |
Net Deferred Tax Asset Before Valuation Allowance | 85,118 |  |  | 85,263 |
Valuation Allowance | (85,118) |  |  | (85,263) |
Net Deferred Tax Asset | $ | — |  |  | $ | — |
Deferred tax assets result primarily from net operating loss carryforwards. For federal tax purposes, we have net operating loss carryforwards of approximately $326.4 million of which approximately $192.1 million began expiring in 2025 and will continue to expire through 2040. In assessing the potential for realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company recognized no income tax expense or benefit for the years ended December 31, 2025 and 2024 as a result of a full valuation allowance against the net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance decreased by $0.1 million during the year ended December 31, 2025. Considered together with the Company's limited history of operating income and its net losses in 2025 and 2024, management has placed a full valuation allowance against the net deferred tax assets as of December 31, 2025 and 2024. The Company accounts for its uncertain tax positions in accordance with ASC 740‑10, Income Taxes and the amount of unrecognized tax benefits related to tax positions is not significant at December 31, 2025 and 2024. The Company has not been under tax examination in any jurisdiction for the years ended December 31, 2025 and 2024. The Company completed an audit by the Internal Revenue Services for the 2021 tax year resulting in no adjustments. Tax examination years of 2022 through 2024 remain open. A recent IRC Section 382 study has not been performed, which could limit the value of the Company's net operating losses.

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