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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of provision for income tax expense | The provision for income tax expense consisted of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Current: |  |  |  |  |  |  |  |
Federal | $ | (610 | ) |  | $ | 5,918 |  |  | $ | 896 |
State |  | 12 |  |  |  | 78 |  |  |  | – |
Total current income tax (benefit) expense |  | (598 | ) |  |  | 5,996 |  |  |  | 896 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | – |  |  |  | – |  |  |  | – |
State |  | – |  |  |  | – |  |  |  | – |
Total deferred income tax expense (benefit) |  | – |  |  |  | – |  |  |  | – |
Income tax (benefit) expense | $ | (598 | ) |  | $ | 5,996 |  |  | $ | 896 |
Schedule of effective income tax rate | The difference between the statutory rate in the Cayman Islands of 0% and the effective income tax rate was as follows:
| December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Current: |  |  |  |  |  |  |  |
Income taxes at statutory rate |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Income of taxed entity |  | 0.5 |  |  |  | 3.7 |  |  |  | 2.6 |
Federal Credits |  | 1.0 |  |  |  | 1.3 |  |  |  | 0.8 |
Share-based compensation |  | (1.5 | ) |  |  | (2.2 | ) |  |  | (2.4 | )
Provision to return adjustment |  | (3.2 | ) |  | – |  |  | – |
Change in valuation allowance |  | 3.7 |  |  |  | (7.3 | ) |  |  | (1.4 | )
Other |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.2 | )
Effective income tax rate |  | 0.4 | % |  |  | (4.6 | )% |  |  | (0.6 | )%
Schedule of components of deferred tax assets and liabilities | Components of the Company’s deferred tax assets and liabilities included in the consolidated balance sheet consisted of the following (in thousands):
| December 31, 2024 |  |  | December 31, 2023 |
Deferred tax assets: |  |  |  |  |
Accrued compensation | $ | 1,816 |  |  | $ | 1,302 |
Leases |  | 98 |  |  |  | 34 |
Share-based compensation |  | 5,702 |  |  |  | 3,163 |
Research and experimental costs capitalized |  | – |  |  |  | 9,556 |
Net operating loss carryforwards |  | 143 |  |  |  | 294 |
Start-up costs |  | 232 |  |  |  | 32 |
Deferred tax assets before valuation allowance |  | 7,991 |  |  |  | 14,381 |
Valuation allowance |  | (6,928 | ) |  |  | (12,888 | )
Total deferred tax assets | $ | 1,063 |  |  | $ | 1,493 |
Deferred tax liabilities: |  |  |  |  |
Fixed assets | $ | 1,051 |  |  | $ | 1,481 |
Prepaid expenses |  | 12 |  |  |  | 12 |
Total deferred income tax liabilities |  | 1,063 |  |  |  | 1,493 |
Net deferred tax asset | $ | – |  |  | $ | – |
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2024 and 2023 consisted of the following (in thousands):
| December 31, 2024 |  |  | December 31, 2023 |
Unrecognized tax benefits (gross): |  |  |  |  |
Benefits at the beginning of the year | $ | 568 |  |  | $ | 311 |
Increase related to prior year tax positions |  | – |  |  |  | 28 |
Decrease related to prior year tax positions |  | (65 | ) |  |  | – |
Increase related to current year tax positions |  | 245 |  |  |  | 229 |
Benefits at the end of the year | $ | 748 |  |  | $ | 568 |

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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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