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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 Net Loss before Income Taxes | The following table presents the components of net loss before income taxes (in thousands):
| For the Years Ended December 31,
| 2024 |  | 2023
United States | $ | (48,656) |  |  | $ | (59,713) |
Non-U.S. | 131 |  |  | — |
Loss before provision for income taxes | $ | (48,525) |  |  | $ | (59,713) |
Schedule of Provision for Income Taxes | The provision for income taxes included in the consolidated statements of operations and comprehensive loss is comprised of the following (in thousands):
| For the Years Ended December 31,
| 2024 |  | 2023
Current |  |  |
Federal | $ | — |  |  | $ | — |
State | 6 |  |  | — |
Non-U.S. | — |  |  | — |
Total current | 6 |  |  | — |
Deferred: |  |  |
Federal | — |  |  | — |
State | — |  |  | — |
Non-U.S. | — |  |  | — |
Total deferred | $ | — |  |  | $ | — |
Total provision | $ | 6 |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate, using a federal statutory rate of 21%:
| For the Years Ended December 31,
| 2024 |  | 2023
Statutory federal income (benefit) rate | (21) | % |  | (21) | %
Increase (decrease) resulting from: |  |  |
State income tax rate | (4) | % |  | (4) | %
Change in valuation allowance | 37 | % |  | 29 | %
Stock-based compensation | (4) | % |  | 2 | %
Tax credits | (7) | % |  | (6) | %
Other | — | % |  | — | %
Effective tax rate | — | % |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities consisted of (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss (“NOL”) carryforwards | $ | 31,417 |  |  | $ | 23,111 |
R&D credit carryforwards | 13,829 |  |  | 10,502 |
Stock-based compensation | 2,646 |  |  | 2,083 |
Research and experimental expenditures under IRC Section 174 | 19,382 |  |  | 14,063 |
Lease liabilities | 4,189 |  |  | 2,507 |
Disallowed interest expense | 3,438 |  |  | 2,767 |
Accruals and other | 1,335 |  |  | 1,064 |
| 76,236 |  |  | 56,097 |
Valuation allowance | (62,492) |  |  | (44,606) |
Total deferred tax assets | 13,744 |  |  | 11,491 |
Deferred tax liabilities: |  |  |
Property and equipment, net | (1,024) |  |  | (1,967) |
Right of use assets, net | (3,936) |  |  | (2,496) |
Capitalized internal-use software | (8,784) |  |  | (7,028) |
Total deferred tax liabilities | $ | (13,744) |  |  | $ | (11,491) |
Net deferred tax liabilities | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
| For the Years Ended December 31,
| 2024 |  | 2023
Balance at beginning of year | $ | 1,889 |  |  | $ | 1,239 |
Tax positions related to the current year: |  |  |
Additions | 628 |  |  | 649 |
Reductions | — |  |  | — |
Tax positions related to the prior year: |  |  |
Additions | — |  |  | 1 |
Reductions | (50) |  |  | — |
Balance at end of year | $ | 2,467 |  |  | $ | 1,889 |

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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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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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