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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes are as follows:
|  | Year ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income (loss) before income tax provision (benefit): |  |  |  |  |  |
US |  | $ | (40,527) |  |  | $ | (62,869) |  |  | $ | (59,061) |
Foreign |  | — |  |  | — |  |  | — |
Total income (loss) before income tax provision (benefit) |  | $ | (40,527) |  |  | $ | (62,869) |  |  | $ | (59,061) |
Current income tax provision (benefit): |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  | 199 |  |  | 76 |  |  | 229 |
Total current income tax provision (benefit) |  | 199 |  |  | 76 |  |  | 229 |
Deferred income tax provision (benefit): |  |  |  |  |  |
Federal |  | 89 |  |  | 145 |  |  | (213) |
State |  | 20 |  |  | (177) |  |  | (477) |
Total deferred income tax provision (benefit) |  | 109 |  |  | (32) |  |  | (690) |
Total provision (benefit) for income taxes |  | $ | 308 |  |  | $ | 44 |  |  | $ | (461) |
Schedule of Effective Income Tax Rate Reconciliation | The provision (benefit) for income taxes results in effective rates that differ from the statutory rates. The following is a reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to the total tax expense (benefit) computed at the effective tax rate:
|  | Year ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
US federal statutory tax rate |  | $ | (8,511) |  |  | 21.0 | % |  | $ | (13,203) |  |  | 21.0 | % |  | $ | (12,403) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) |  | (2,800) |  |  | 6.9 | % |  | (2,567) |  |  | 4.1 | % |  | (2,437) |  |  | 4.1 | %
Changes in valuation allowances |  | 17,908 |  |  | (44.2) | % |  | 14,142 |  |  | (22.5) | % |  | 11,289 |  |  | (19.1) | %
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  | (17,400) |  |  | 42.9 | % |  | (1,539) |  |  | 2.4 | % |  | 1,815 |  |  | (3.1) | %
Executive compensation |  | 10,620 |  |  | (26.2) | % |  | 2,970 |  |  | (4.7) | % |  | 1,008 |  |  | (1.7) | %
Meals & entertainment |  | 460 |  |  | (1.1) | % |  | 362 |  |  | (0.6) | % |  | 185 |  |  | (0.3) | %
Other |  | 288 |  |  | (0.7) | % |  | 107 |  |  | (0.1) | % |  | 94 |  |  | (0.2) | %
Other adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Return to provision adjustments |  | (257) |  |  | 0.6 | % |  | (187) |  |  | 0.3 | % |  | (54) |  |  | 0.1 | %
Other |  | — |  |  | — | % |  | (41) |  |  | — | % |  | 42 |  |  | (0.1) | %
Total |  | $ | 308 |  |  | (0.8) | % |  | $ | 44 |  |  | (0.1) | % |  | $ | (461) |  |  | 0.7 | %
(1) In 2024, state taxes in California, Connecticut, Wisconsin, and New York made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities were as follows as of December 31, 2024 and 2023:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Deferred revenue | $ | 7,240 |  |  | $ | 6,412 |
Accrued expenses | 2,189 |  |  | 2,122 |
Stock-based compensation | 2,422 |  |  | 3,404 |
Net operating loss carryforward (federal and state) | 76,213 |  |  | 76,267 |
Reserve for customer credits | 164 |  |  | 310 |
Capitalized research and development costs | 47,396 |  |  | 30,109 |
Lease liabilities | 4,639 |  |  | 4,828 |
Other | 293 |  |  | 250 |
Total deferred tax assets | 140,556 |  |  | 123,702 |
Valuation allowance for deferred tax assets | (127,102) |  |  | (109,173) |
Deferred tax assets, net of valuation allowance | 13,454 |  |  | 14,529 |
Deferred tax liabilities: |  |  |
Fixed assets | (158) |  |  | (213) |
Right-of-use assets | (3,661) |  |  | (3,949) |
Goodwill | (4,997) |  |  | (4,347) |
Intangible assets | (4,625) |  |  | (6,183) |
Deferred costs | (1,835) |  |  | (1,550) |
Total deferred tax liabilities | (15,276) |  |  | (16,242) |
Deferred income tax liabilities, net of deferred tax assets | $ | (1,822) |  |  | $ | (1,713) |

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