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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) | Income tax benefit from continuing operations consists of the following:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
State | $ | (26) |  |  | $ | (46) |  |  | $ | (11) |
Total current tax provision | (26) |  |  | (46) |  |  | (11) |
Deferred: |  |  |  |  |
Federal | 64 |  |  | 70 |  |  | 2,929 |
State | — |  |  | — |  |  | 2,318 |
Total deferred tax provision | 64 |  |  | 70 |  |  | 5,247 |
Income tax benefit | $ | 38 |  |  | $ | 24 |  |  | $ | 5,236 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal statutory tax | 21 | % |  | 21 | % |  | 21 | %
State tax, net of federal benefit | 6 | % |  | 4 | % |  | 11 | %
Stock compensation | 4 | % |  | (5 | %) |  | — | %
Sec. 162(m) limitation on executive compensation | (4 | %) |  | (6 | %) |  | (30 | %)
Fair value change in contingent consideration | — | % |  | 2 | % |  | 21 | %
Tax credits | 4 | % |  | 4 | % |  | 17 | %
Change in valuation allowance | (27 | %) |  | (24 | %) |  | 74 | %
Gain on escrow settlement | — | % |  | 5 | % |  | — | %
Other | (4 | %) |  | (1 | %) |  | (6 | %)
Total | — | % |  | — | % |  | 108 | %
Schedule of Deferred Tax Assets and Liabilities | The principal components of the Company’s net deferred tax liabilities are as follows as of December 31, 2024 and 2023:
(In thousands) | 2024 |  | 2023
Deferred tax assets related to: |  |  |
Net operating loss carryforwards | $ | 39,079 |  |  | $ | 35,505 |
Capital loss carryforward | 7,011 |  |  | — |
Tax credit carryforward | 2,695 |  |  | 2,226 |
Stock-based compensation | 2,141 |  |  | 3,008 |
Accruals and reserves | 1,883 |  |  | 3,590 |
Inventory | 1,410 |  |  | 1,408 |
Fixed assets | 568 |  |  | 585 |
Lease liabilities | 3,540 |  |  | 3,950 |
Capitalized research and development | 3,222 |  |  | 4,818 |
Fair value change in investments | 556 |  |  | — |
Other | 1,084 |  |  | 875 |
Total deferred tax assets | 63,189 |  |  | 55,965 |
Deferred tax liabilities related to: |  |  |
Intangibles | (2,326) |  |  | (3,696) |
Right-of-use assets | (2,654) |  |  | (2,500) |
Fair value change in investments | — |  |  | (440) |
Total deferred tax liabilities | (4,980) |  |  | (6,636) |
Net deferred tax assets before valuation allowance | 58,209 |  |  | 49,329 |
Less: valuation allowance | 58,333 |  |  | 49,517 |
Net deferred tax liabilities | (124) |  |  | (188) |
Less: deferred tax liability, discontinued operations | — |  |  | (74) |
Net deferred tax liabilities, continuing operations | $ | (124) |  |  | $ | (114) |
Schedule of Valuation Allowance | The changes in the valuation allowance for deferred tax assets were as follows:
(In thousands) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 49,517 |  |  | $ | 33,402 |  |  | $ | 2,993 |
Net deferred tax assets divested | (7,173) |  |  | — |  |  | — |
Charged to income tax expense | 15,989 |  |  | 16,115 |  |  | 30,409 |
Balance at end of period | $ | 58,333 |  |  | $ | 49,517 |  |  | $ | 33,402 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balances of uncertain tax positions in the years ended December 31, 2024 and 2023 is as follows:
(In thousands) | 2024 |  | 2023
Balance at beginning of period | $ | 954 |  |  | $ | 610 |
Increase related to prior year tax positions | — |  |  | 20 |
Increase related to current year tax positions | 201 |  |  | 324 |
Balance at end of period | $ | 1,155 |  |  | $ | 954 |

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- Definition 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 -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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