Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Loss Before Provision (Benefit) for Income Taxes |
The components of the Company’s loss before provision (benefit) for income taxes are as follows:
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|
|
Years ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
(17,078 |
) |
|
$ |
(29,143 |
) |
|
$ |
(99,015 |
) |
Foreign |
|
|
(6,301 |
) |
|
|
(7,333 |
) |
|
|
(3,329 |
) |
Loss before provision for income taxes |
|
$ |
(23,379 |
) |
|
$ |
(36,476 |
) |
|
$ |
(102,344 |
) |
|
| Components of Provisions (Benefit) for Income Taxes |
The provision (benefit) for income taxes consists of the following:
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|
|
Years ended December 31, |
|
Current tax expense |
|
2025 |
|
|
2024 |
|
|
2023 |
|
State |
|
$ |
93 |
|
|
$ |
16 |
|
|
$ |
229 |
|
Foreign |
|
|
313 |
|
|
|
406 |
|
|
|
127 |
|
Total current tax expense |
|
|
406 |
|
|
|
422 |
|
|
|
356 |
|
Deferred tax benefit |
|
|
|
|
|
|
|
|
|
Foreign |
|
|
(1,038 |
) |
|
|
(1,010 |
) |
|
|
(251 |
) |
Provision (benefit) for income taxes |
|
$ |
(632 |
) |
|
$ |
(588 |
) |
|
$ |
105 |
|
|
| Components of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
Deferred tax assets (liabilities) |
|
2025 |
|
|
2024 |
|
Accrued expenses |
|
$ |
10,160 |
|
|
$ |
11,167 |
|
Net operating loss and credit carryforward |
|
|
48,990 |
|
|
|
43,309 |
|
Allowance, reserves and other |
|
|
2,180 |
|
|
|
2,753 |
|
Stock-based compensation |
|
|
5,091 |
|
|
|
5,368 |
|
Lease liability |
|
|
4,048 |
|
|
|
4,601 |
|
Capitalized R&D under Sec 174 |
|
|
6,036 |
|
|
|
8,544 |
|
Deferred tax assets |
|
|
76,505 |
|
|
|
75,742 |
|
Property, plant, and equipment |
|
|
(4,154 |
) |
|
|
(6,799 |
) |
Intangible amortization |
|
|
(4,803 |
) |
|
|
(5,018 |
) |
Right-of-use asset |
|
|
(3,823 |
) |
|
|
(4,340 |
) |
Deferred tax liabilities |
|
|
(12,780 |
) |
|
|
(16,157 |
) |
Valuation allowance |
|
|
(70,474 |
) |
|
|
(66,533 |
) |
Total |
|
$ |
(6,749 |
) |
|
$ |
(6,948 |
) |
|
| Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate |
Reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2025, 2024 and 2023 is as follows:
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|
|
|
|
|
|
|
|
|
Year ended December 31, 2025 |
|
|
|
Amount |
|
|
Percent |
|
U.S. federal statutory income tax rate |
|
$ |
(4,909 |
) |
|
|
21.00 |
% |
State and local income taxes, net of federal income tax effect (1) |
|
|
76 |
|
|
|
-0.33 |
% |
Foreign tax effects |
|
|
|
|
|
|
France |
|
|
|
|
|
|
Statutory tax rate difference between France and United States |
|
|
(303 |
) |
|
|
1.30 |
% |
Changes in France valuation allowances |
|
|
956 |
|
|
|
-4.09 |
% |
Other |
|
|
(216 |
) |
|
|
0.92 |
% |
Other countries |
|
|
84 |
|
|
|
-0.36 |
% |
Tax credits |
|
|
|
|
|
|
R&D credits |
|
|
(701 |
) |
|
|
3.00 |
% |
Changes in valuation allowance |
|
|
2,380 |
|
|
|
-10.18 |
% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
Stock-based compensation |
|
|
546 |
|
|
|
-2.34 |
% |
Nondeductible compensation |
|
|
953 |
|
|
|
-4.08 |
% |
Other |
|
|
72 |
|
|
|
-0.31 |
% |
Changes in unrecognized tax benefits |
|
|
191 |
|
|
|
-0.82 |
% |
Other adjustments |
|
|
239 |
|
|
|
-1.01 |
% |
Effective tax rate |
|
$ |
(632 |
) |
|
|
2.70 |
% |
(1) State taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category.
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|
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|
|
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|
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|
Years ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
U.S. Statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
State income taxes, net of federal benefit |
|
|
1.54 |
% |
|
|
1.43 |
% |
Stock-based compensation |
|
|
-2.35 |
% |
|
|
-0.66 |
% |
R&D credit, net of reserve |
|
|
1.58 |
% |
|
|
1.00 |
% |
Change in fair value |
|
|
-1.73 |
% |
|
|
-1.40 |
% |
Nondeductible compensation |
|
|
-0.83 |
% |
|
|
-0.09 |
% |
Valuation allowance |
|
|
-17.83 |
% |
|
|
-14.80 |
% |
Goodwill impairment charge |
|
|
— |
|
|
|
-6.75 |
% |
Other |
|
|
0.23 |
% |
|
|
0.17 |
% |
Effective income tax rate |
|
|
1.61 |
% |
|
|
-0.10 |
% |
A reconciliation of the income taxes paid is as follows:
|
|
|
|
|
|
|
December 31, 2025 |
|
Federal |
|
$ |
— |
|
State and local |
|
|
|
Texas |
|
|
65 |
|
Other |
|
|
20 |
|
Total State and local |
|
|
85 |
|
Foreign |
|
|
|
Netherlands |
|
|
235 |
|
Other |
|
|
— |
|
Total foreign |
|
|
235 |
|
Total |
|
$ |
320 |
|
|
| Summary of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
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|
December 31, |
|
Reconciliation of liability for unrecognized tax benefits |
|
2025 |
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
2,922 |
|
|
$ |
2,778 |
|
|
$ |
2,366 |
|
Additions based on tax positions related to current year |
|
|
140 |
|
|
|
193 |
|
|
|
400 |
|
Reductions based on tax positions related to prior year |
|
|
(28 |
) |
|
|
(82 |
) |
|
|
(34 |
) |
Additions based on tax positions related to prior year |
|
|
99 |
|
|
|
33 |
|
|
|
46 |
|
Balance at end of period |
|
$ |
3,133 |
|
|
$ |
2,922 |
|
|
$ |
2,778 |
|
|
| Schedule of Reconciliation of the Income Taxes Paid (Refunded) |
A reconciliation of the income taxes paid is as follows:
|
|
|
|
|
|
|
December 31, 2025 |
|
Federal |
|
$ |
— |
|
State and local |
|
|
|
Texas |
|
|
65 |
|
Other |
|
|
20 |
|
Total State and local |
|
|
85 |
|
Foreign |
|
|
|
Netherlands |
|
|
235 |
|
Other |
|
|
— |
|
Total foreign |
|
|
235 |
|
Total |
|
$ |
320 |
|
|