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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Loss before Income Taxes | The Company’s loss before income taxes for the years ended December 31, 2024 and 2023 is comprised of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  |
Domestic | $ | (13,883) |  |  | $ | (45,262) |  |  |
Foreign | 203 |  |  | 289 |  |  |
Loss before income taxes | $ | (13,680) |  |  | $ | (44,973) |  |  |
Summary of Provision for Income Taxes | The (benefit) provision for income taxes for the years ended December 31, 2024 and 2023 is comprised of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  |
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  |
State | 598 |  |  | 20 |  |  |
Foreign | 29 |  |  | 14 |  |  |
Total current | 627 |  |  | 34 |  |  |
Deferred: |  |  |  |  |
Federal | (43) |  |  | 9 |  |  |
State | 105 |  |  | — |  |  |
Foreign | — |  |  | — |  |  |
Total deferred | 62 |  |  | 9 |  |  |
(Benefit) Provision for income taxes | $ | 689 |  |  | $ | 43 |  |  |
Summary of Net Deferred Tax Assets | The Company’s net deferred tax liabilities consist of the following (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued expenses | $ | 4,620 |  |  | $ | 1,185 |
Provision for excess and obsolete inventory | 4,162 |  |  | 4,679 |
Capitalized research and experimental expenditures | 11,216 |  |  | 8,629 |
Convertible debt | 608 |  |  | 3,526 |
Depreciation and amortization | 2,063 |  |  | 1,725 |
Interest expense limitation | 19,944 |  |  | 18,689 |
Net operating loss and tax credit carryforwards | 97,347 |  |  | 108,690 |
Share-based compensation | 1,533 |  |  | 3,065 |
Operating lease liability | 985 |  |  | 819 |
Other | 351 |  |  | — |
Deferred tax assets | 142,829 |  |  | 151,007 |
Valuation allowances | (141,628) |  |  | (149,529) |
Deferred tax assets, net of valuation allowances | 1,201 |  |  | 1,478 |
Deferred tax liabilities: |  |  |
Right of use asset | (710) |  |  | (1,085) |
Acquired intangible assets | (665) |  |  | (505) |
Deferred tax liabilities | (1,375) |  |  | (1,590) |
Deferred tax liabilities, net | $ | (174) |  |  | $ | (112) |
Summary of Provision for Income Taxes Reconciles to Amount Computed by Applying Statutory Federal Income Tax Rate | The (benefit) provision for income taxes reconciles to the amount computed by applying the statutory federal income tax rate of 21% in 2024 and 2023 to loss before income taxes as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  |
Federal tax benefit, at statutory rate | $ | (2,535) |  |  | $ | (9,895) |  |  |
State provision, net of federal benefit | 1,374 |  |  | 711 |  |  |
Foreign tax rate difference | (17) |  |  | (36) |  |  |
Foreign income inclusions | 6,177 |  |  | — |  |  |
Valuation allowance against future tax benefits | (8,515) |  |  | 9,296 |  |  |
Research and development credits | (1,204) |  |  | (760) |  |  |
Share-based compensation | 1,989 |  |  | 1,622 |  |  |
Disallowance of loss on debt exchanges | 3,344 |  |  | — |  |  |
Non-deductible officers compensation | 19 |  |  | — |  |  |
True-up of prior year provisions | 26 |  |  | (942) |  |  |
Other | 31 |  |  | 47 |  |  |
Provision for income taxes | $ | 689 |  |  | $ | 43 |  |  |
Summary of Reconciliation in Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Balance at December 31, 2022 | $ | 42,915 |
Increases related to current and prior year tax positions | 506 |
Decreases from lapses of statute of limitations and prior year tax positions | (30,782) |
Balance at December 31, 2023 | 12,639 |
Increases related to current and prior year tax positions | 719 |
Balance at December 31, 2024 | $ | 13,358 |

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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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