CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 20,436	$ 14,536
Contract receivables, net	21,851	18,285
Notes receivable - related parties, current portion	750	863
Income taxes receivable	2,068	3,185
Prepaid post-combination compensation, current portion	3,585	6,070
Prepaid expenses and other current assets	9,598	2,726
Amounts due from related parties	266	0
Total current assets	58,554	45,665
Property and equipment at cost, less accumulated depreciation	598	751
Notes receivable - related parties, long term	900	1,050
Operating lease right of use asset	18,829	18,428
Goodwill	56,990	64,308
Other intangible assets, net of accumulated amortization	37,113	32,144
Deferred income tax asset	24,600	11,038
Prepaid post-combination compensation, long term	4,692	888
Other long-term assets	276	189
TOTAL ASSETS	202,552	174,461
Current liabilities:
Accounts payable and accrued expenses	30,819	20,044
Deferred revenue	3,310	3,150
Operating lease liability, current portion	5,070	4,827
Contingent consideration, current portion	3,134	2,093
Notes payable, current portion, net	9,082	6,031
Total current liabilities	52,856	37,836
Notes payable, long term, net	37,906	26,014
Contingent consideration, long term	9,864	8,803
Other liability, long term	10,553	3,745
Operating lease liability, long term	16,469	16,808
Total liabilities	127,648	93,206
Stockholders' equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 25,174,492 and 24,017,599 shares issued and outstanding as of December 31, 2025, and 2024, respectively	24	23
Additional paid-in capital	237,075	197,489
Accumulated deficit	(163,381)	(115,721)
Accumulated other comprehensive income (loss)	1,186	(536)
Total stockholders’ equity	74,904	81,255
TOTAL LIABILITIES AND EQUITY	202,552	174,461
Related Party
Current assets:
Notes receivable - related parties, current portion	100
Notes receivable - related parties, long term	400
Current liabilities:
Other liability, current portion	0	556
Nonrelated Party
Current liabilities:
Other liability, current portion	$ 1,441	$ 1,135

Public Policy Holding Company, Inc. 10-K