Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense

Income tax expense consisted of the following for the respective periods:


	Year Ended December 31,
($ in thousands)	2025		2024		2023
Current:
Federal	$	—	$	—	$	—
State		441		31		163
Total current		441		31		163
Deferred:
Federal		—		—		—
State		—		—		—
Total deferred		—		—		—
Income tax expense	$	441	$	31	$	163

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the tax computed using the statutory U.S. federal income tax rate as a result of the following items for the respective periods:


	Year Ended December 31,
(In thousands, except percentages)	2025					2024					2023
Benefit at federal statutory income tax rate	$	(9,648	)	21.0	%	$	(13,047	)	21.0	%	$	(24,582	)	21.0	%
State taxes (1)		441		(1.0	)%		31		(0.1	)%		163		(0.1	)%
Changes in valuation allowances		6,197		(13.5	)%		12,557		(20.2	)%		24,064		(20.6	)%
Nontaxable or nondeductible items:
Stock-based compensation		2,652		(5.8	)%		119		(0.2	)%		59		(0.1	)%
Other		83		(0.2	)%		4		0.0	%		39		0.0	%
Other		716		(1.5	)%		367		(0.6	)%		420		(0.3	)%
Effective income tax rate	$	441		(1.0	)%	$	31		(0.1	)%	$	163		(0.1	)%

(1) State taxes in Texas comprise the majority of state and local taxes for each of the years presented.

Schedule of Deferred Income Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following as of December 31:


($ in thousands)	2025			2024
Deferred tax assets:
Federal net operating loss carryforwards	$	104,891		$	93,564
State net operating loss carryforwards		20,454			18,473
Operating lease liabilities		3,638			3,856
Research and development expenditures		2,686			4,839
Stock-based compensation		1,369			4,665
Transaction costs		1,348			1,464
Real estate inventory		397			732
Other		1,236			1,392
Gross deferred tax assets		136,019			128,985
Valuation allowance		(133,022	)		(125,887	)
Deferred tax assets, net of valuation allowance		2,997			3,098
Deferred tax liabilities:
Operating lease right-of-use assets		(1,897	)		(2,182	)
Property and equipment		(386	)		(469	)
Other		(714	)		(447	)
Gross deferred tax liabilities		(2,997	)		(3,098	)
Net deferred income taxes	$	—		$	—

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