v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Summary of reconciliation of federal statutory income tax rate to the Company's effective income tax rate

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows:

​

​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	Amount	​ ​ ​	Percent	​
Expected income tax benefit at the federal statutory rate	$	(11,727)	​	21.0	%
State taxes, net of federal benefit		(3,649)	​	6.5	​
Research and development credit, net		(1,393)	​	2.5	​
Other		175	​	(0.3)	​
Change in valuation allowance		16,594	​	(29.7)	​
Total	$	—	​	—	%

​

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:

​	​	​	​
​	​	December 31,	​
​	​ ​ ​	2024	​ ​ ​
Expected income tax benefit at the federal statutory rate		21.0	%
State taxes, net of federal benefit		6.6
Research and development credit, net		4.0
Non-deductible items		(0.6)
Other		(1.6)
Change in valuation allowance		(29.4)
Total		—	%
​	​	​	​

Summary of components of deferred tax assets

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2025 and 2024:

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)	​ ​ ​		2025	​ ​ ​		2024
Deferred tax assets:	​		​	​		​
Federal and state net operating loss carryforwards		$	85,836		$	63,647
Research and development tax credits	​	​	17,829	​	​	16,436
Capitalized R&D Costs	​	​	18,271	​	​	25,826
Operating lease liabilities	​	​	1,419	​	​	1,642
Share-based compensation	​	​	8,032	​	​	7,234
Accruals and other	​	​	1,415	​	​	1,587
Gross deferred tax assets	​	​	132,802	​	​	116,372
Less: valuation allowance	​	​	(131,903)	​	​	(115,309)
Total deferred tax assets		$	899		$	1,063
Deferred tax liabilities:	​	​	​	​	​	​
Operating lease assets	​	​	(899)	​	​	(1,063)
Gross deferred tax liabilities		$	(899)		$	(1,063)
Net deferred tax assets		$	—		$	—

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 12
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