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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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