XML 180 R37.htm IDEA: XBRL DOCUMENT
v3.25.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Schedule of the domestic and foreign components of loss from operations before income taxes | The following represents the domestic and foreign components of loss from operations before income taxes for the years ended December 31, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
United States |  | $ | (64,690 | ) |  | $ | (89,525 | )
Foreign |  |  | 2,543 |  |  |  | 1,338 |
Total loss before income taxes |  | $ | (62,147 | ) |  | $ | (88,187 | )
Schedule of components of the (benefit from) provision for income taxes | The Company’s components of the benefit from income taxes consists of the following for the years ended December 31, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |
US Federal |  | $ | (256 | ) |  | $ | — |
US States |  |  | 1 |  |  |  | 1 |
Foreign |  |  | 427 |  |  |  | (492 | )
Total current |  |  | 172 |  |  |  | (491 | )
Deferred: |  |  |  |  |  |  |  |
US Federal |  | $ | — |  |  | $ | — |
US States |  |  | — |  |  |  | — |
Foreign |  |  | (1,124 | ) |  |  | (107 | )
Total deferred |  |  | (1,124 | ) |  |  | (107 | )
Benefit from income taxes |  | $ | (952 | ) |  | $ | (598 | )
Schedule of the income tax determined by applying the U.S. federal statutory income tax rate to pretax loss | Income tax expense differs from the amount of income tax determined by applying the U.S. federal statutory income tax rate of 21 % to pretax loss as a result of the following differences for the years ended December 31, 2024 and 2023 ($ in thousands):
|  | 2024 |  |  | 2023 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Pretax loss |  | $ | (62,147 | ) |  |  |  |  |  | $ | (88,187 | ) |  |  |  |
Federal tax at statutory rate |  |  | (13,049 | ) |  |  | 21.0 | % |  |  | (18,522 | ) |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 1 |  |  |  | 0.0 | % |  |  | 1 |  |  |  | 0.0 | %
Gain on remeasurement of warrant liability |  |  | 3,302 |  |  |  | -5.3 | % |  |  | — |  |  |  | 0.0 | %
Pay-to-Play equity financing charge (permanent difference) |  |  | — |  |  |  | 0.0 | % |  |  | 7,525 |  |  |  | -8.5 | %
Other permanent differences |  |  | 802 |  |  |  | -1.3 | % |  |  | 3,620 |  |  |  | -4.1 | %
Return to accrual adjustment |  |  | (896 | ) |  |  | 1.4 | % |  |  | (433 | ) |  |  | 0.5 | %
Foreign tax rate differential |  |  | 195 |  |  |  | -0.3 | % |  |  | 111 |  |  |  | -0.1 | %
Tax credits |  |  | (1,211 | ) |  |  | 1.9 | % |  |  | (539 | ) |  |  | 0.6 | %
Uncertain tax positions |  |  | 410 |  |  |  | -0.7 | % |  |  | 270 |  |  |  | -0.3 | %
Valuation allowance |  |  | 10,290 |  |  |  | -16.6 | % |  |  | 7,936 |  |  |  | -9.0 | %
Other, net |  |  | (796 | ) |  |  | 1.3 | % |  |  | (567 | ) |  |  | 0.6 | %
|  | $ | (952 | ) |  |  | 1.4 | % |  | $ | (598 | ) |  |  | 0.7 | %
Schedule of company's deferred tax assets and liabilities | The components of the Company’s deferred tax assets and liabilities are as follows as of December 31, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 55,739 |  |  | $ | 45,600 |
Tax credit |  |  | 5,678 |  |  |  | 4,989 |
Other reserves and accrued expenses |  |  | 1,178 |  |  |  | 1,105 |
Lease liability |  |  | 80 |  |  |  | 110 |
Depreciation |  |  | 440 |  |  |  | 66 |
Share-based compensation |  |  | 1,519 |  |  |  | 736 |
Capitalized R&D Sec 174 |  |  | 13,423 |  |  |  | 9,533 |
Other |  |  | 3 |  |  |  | (62 | )
Gross deferred tax assets |  |  | 78,060 |  |  |  | 62,077 |
Valuation allowance |  |  | (75,826 | ) |  |  | (60,937 | )
Net deferred tax assets |  |  | 2,234 |  |  |  | 1,140 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Right of use assets |  |  | (77 | ) |  |  | (107 | )
Total deferred tax liabilities |  |  | (77 | ) |  |  | (107 | )
Total net deferred tax assets |  | $ | 2,157 |  |  | $ | 1,033 |
Schedule of unrecognized tax benefits | The beginning and ending unrecognized tax benefits amounts is as follows as of December 31, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Unrecognized tax benefits, beginning of period |  | $ | 4,283 |  |  | $ | 3,811 |
Additions based on tax positions taken related to prior years |  |  | 12 |  |  |  | — |
Additions based on tax positions taken related to current period |  |  | 705 |  |  |  | 472 |
Unrecognized tax benefits, end of period |  | $ | 5,000 |  |  | $ | 4,283 |

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration