XML 33 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

10.Income Taxes

Due to the net losses incurred by the Company, no income tax expense (in thousands) was recorded for the years ended December 31, 2024 and 2023.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

Deferred tax assets, net:

 

​

  

 

​

  

Net operating loss carryforwards and tax credits

​

$

7,498

​

$

7,487

Stock-based compensation

​

 

512

​

 

527

Accrued expenses

​

 

347

​

 

29

Operating lease right-of-use asset

​

​

(71)

​

​

(98)

Operating lease liability

​

​

76

​

​

103

Fixed assets

​

​

(149)

​

​

(114)

Intangible assets

​

​

2

​

​

2

Capitalized Section 174 research and experimental costs

​

​

3,865

​

​

1,110

Valuation allowance

​

​

(12,080)

​

​

(9,046)

Net deferred assets

​

$

—

​

$

—

​

Given the significant uncertainty of future utilization of taxable benefits from the Company’s net operating losses, a full valuation allowance has been recorded, resulting in a net increase in the valuation allowance of $3.0 million during the year ended December 31, 2024.

The following is a reconciliation of the tax provisions for the years ended December 31, 2024 and 2023 with the statutory Federal income tax rates:

​

​

​

​

​

​

​

​

​

Percentage of Pre-Tax Income

 

​

    

2024

    

2023

 

Statutory Federal income tax rate

 

21.0

%  

21.0

%

Loss generating no tax benefit

 

(21.0)

 

(21.0)

​

Effective tax rate

 

—

 

—

​

​

The Company did not have any material unrecognized tax benefits as of December 31, 2024 and 2023 and does not expect its unrecognized tax benefits to significantly increase or decrease within the next twelve months. The Company incurred no interest or penalties relating to unrecognized tax benefits during the years ended December 31, 2024 and 2023.

The Company is subject to U.S. federal income tax, as well as taxes by various state jurisdictions. The Company is currently open to audit under the statute of limitations by the federal and state jurisdictions for the years ending December 31, 2020 through 2024.

At December 31, 2024, the Company had net operating loss carryforwards for Federal income tax purposes of approximately $35.1 million, of which $700,000 will expire through 2037 and $34.4 million have an indefinite life. Utilization of the net operating losses may be subject to annual limitations provided by Section 382 of the Internal Revenue Code and similar State provisions.

During the years ended December 31, 2024 and 2023, the Company recognized research and development payroll tax credits of approximately $0 and $109,000, respectively. Such amounts were recorded as a reduction of research and development expenses on the accompanying statements of operations.