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Income Taxes
3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes
The consolidated effective tax rate was 0.4% and (0.7)% for the three months ended March 31, 2025 and 2024, respectively. The difference between the rate for the three months ended March 31, 2025 and 2024 and the U.S. federal income tax rate of 21% was due primarily to a full valuation allowance against the Company’s net deferred tax assets.
As of March 31, 2025 and 2024, the Company has $5.1 million and $5.4 million of unrecognized tax benefits, respectively, fully offset by a valuation allowance. No material interest or penalties were incurred during the three months ended March 31, 2025 and 2024.