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 Taxes  
Schedule of Effective Income Tax Rate Reconciliation

For the year ended December 31, 

($ in thousands)

  ​ ​ ​

2025

 

Amount

 

Percent

U.S. federal statutory tax rate

$

(396)

21.0

%

State and local income taxes, net of federal income tax effect(1)

21

(1.1)

%

Change in valuation allowance

 

(130)

6.9

%

Non-deductible items:

 

Share-based compensation

 

70

(3.7)

%

Non-deductible compensation

170

(9.0)

%

Stock issuance costs

 

83

(4.4)

%

Other adjustments:

Federal net operating loss

 

274

(14.5)

%

Other true-ups

(65)

3.5

%

Provision for income taxes and effective income tax rate

27

(1.4)

%

(1) During the year ended December 31, 2025, state taxes in Massachusetts, New York and New York City comprised greater than 50% of the tax effect in this category.

For the year ended December 31,

 

  ​ ​ ​

2024

 

Statutory federal income tax rate

 

21

%

State taxes, net of federal tax benefit

 

16

%

Non-deductible items

 

(1)

%

Tax credits

 

1

%

Other

 

(10)

%

Change in valuation allowance

 

(27)

%

Income taxes provision (benefit)

 

Schedule of Components of Net Deferred Tax Asset

For the year ended December 31, 

($ in thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

 

  ​

 

  ​

Net operating loss carryovers

$

103,701

$

95,131

Stock compensation and other

 

1,267

 

1,537

Change in fair value of warrant liabilities

 

60

 

59

Amortization of license

 

8,735

 

9,672

Lease liability

326

Accruals and reserves

 

135

 

1,922

Startup costs

 

4

 

4

Tax credits

19,046

19,046

174 Capitalization

 

16,835

 

24,437

Other

56

Total deferred tax assets

149,839

152,134

Less: valuation allowance

 

(149,839)

 

(152,104)

Deferred tax assets, net

$

$

30

Deferred tax liability:

Right of use asset

(30)

Total deferred tax assets, net

$

$