Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The components of the income tax provision are as follows:

 

    2025     2024  
    Year Ended December 31,  
    2025     2024  
Current expense (benefit):                
Federal   $ —     $ —  
State     7       4  
Foreign     —       —  
Total current expense (benefit):   $ 7     $ 4  
                 
Deferred expense (benefit):                
Federal   $ —     $ (84 )
State     —       —  
Foreign     —       —  
Total deferred expense (benefit):   $ —     $ (84 )
                 
Total income tax expense (benefit):   $ 7     $ (80 )
Schedule of Effective Income Tax Rate Reconciliation

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate after the adoption of ASU 2023-09 is as follows:

 

U.S. Federal Statutory Tax Rate   $ (2,171 )     21.00 %
    Year Ended December 31,  
    2025  
U.S. Federal Statutory Tax Rate   $ (2,171 )     21.00 %
State and Local Income Taxes, Net of Federal Income Tax Effect (a)     6       (0.06 )%
              (1.87  
              0.00  
Change in Valuation Allowances     1,405       (13.59 )%
              0.02  
Nontaxable or Nondeductible Items                
Warrants     717       (6.94 )%
Other     50       (0.48 )%
Effective Tax Rate   $ 7       (0.07 )%

 

(a) State taxes in New Jersey made up the majority (greater than 50 percent) of the tax effect in this category.

 

 

As previously disclosed for the year ended December 31, 2024 prior to the adoption of ASU 2023-09, the following is a reconciliation of the difference between the effective income tax rate and federal statutory rate:

 

    Year Ended
December 31,		  
    2024  
Income at U.S. Statutory Rate     21.00 %
State Taxes, net of Federal benefit     6.53 %
Permanent Differences     (1.87 )%
Tax Credits     0.00 %
Valuation Allowance     (25.35 )%
Discrete Items     0.02 %
      0.33 %
Schedule of Income Taxes Paid (Net of Refunds Received)

The following table presents income taxes paid (net of refunds received) during the year ended December 31, 2025 by jurisdiction:

 

    Year Ended
December 31,		  
    2025  
U.S. federal taxes   $ —  
State and local taxes        
Massachusetts     1  
New Jersey     6  
Total income taxes paid   $ 7  
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2025 and 2024 consist of the following:

 

    2025     2024  
    Year Ended December 31,  
    2025     2024  
Share-based Compensation   $ 2,931     $ 5,282  
Depreciation and Amortization     213       451  
Accrued Liability     42       279  
Net Operating Loss Carry-forwards     33,362       28,270  
R&D Credit Carryforwards     4,469       4,469  
R&D Section 174 Costs     4,713       7,511  
Other     1       31  
IPR&D     (637 )     (637 )
ROU Asset     (151 )     (476 )
ROU Liability     380       811  
Total Deferred tax assets   $ 45,323     $ 45,991  
Valuation allowance     (45,580 )     (46,248 )
Net deferred tax asset (liability)   $ (257 )   $ (257 )