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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

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-Topic 740
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-Section 50
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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

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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

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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