Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:


	December 31,
	2024		2023
Tax at federal statutory rate	21.0	%	21.0	%
State taxes, net of federal benefit	6.4	%	4.5	%
Research and development tax credit	5.1	%	1.8	%
Stock-based compensation	5.5	%	(0.8)	%
Nondeductible interest expense	(2.0)	%	(0.5)	%
FIN 48 reserve	(1.2)	%	(0.3)	%
Change in valuation allowance	(21.8)	%	(23.3)	%
Federal net operating loss expiration	(10.2)	%	—	%
Other	(2.8)	%	(2.4)	%
Total	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	42,043	$	41,864
Research and development credits	14,903		13,069
Research and development expenditures, capitalized for tax	12,283		8,271
Fixed assets and inventory	28		151
Accruals and reserves	1,399		1,633
Interest expense carryforward	5,747		5,033
Operating lease liability	3,515		3,958
Other	1,281		1,718
Gross deferred tax assets	81,199		75,697
Deferred tax liabilities:
Operating lease right-of-use asset	(3,014)		(3,436)
Total deferred tax liabilities	(3,014)		(3,436)
Valuation allowance	(78,185)		(72,261)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Beginning balance	$	1,730	$	1,601
Increase in balance related to tax positions taken during the current year	355		136
Decrease in balance related to tax positions taken during prior years	—		(7)
Ending balance	$	2,085	$	1,730