XML 57 R40.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Income Taxes, Domestic and Foreign | Our loss before provision for income taxes were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
United States | $ | (65,231) |  |  | $ | (76,169) |  |  | $ | (33,269) |
Foreign | (11) |  |  | (2) |  |  | (47) |
Loss before provision for income taxes | $ | (65,242) |  |  | $ | (76,171) |  |  | $ | (33,316) |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current provision: |  |  |  |  |
State | $ | (6) |  |  | $ | 27 |  |  | $ | 141 |
Foreign | 42 |  |  | 42 |  |  | 142 |
Total current provision | 36 |  |  | 69 |  |  | 283 |
Deferred benefit: |  |  |  |  |
Foreign | (2) |  |  | — |  |  | (7) |
Total deferred benefit | (2) |  |  | — |  |  | (7) |
Provision for income taxes | $ | 34 |  |  | $ | 69 |  |  | $ | 276 |
Schedule of Reconciliation of Provision for Income Taxes Calculated at the Statutory Rate to Provision for Income Taxes | Reconciliation of the provision for income taxes calculated at the statutory rate to our provision for income taxes is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Tax benefit at federal statutory rate | $ | (13,701) |  |  | $ | (15,995) |  |  | $ | (6,996) |
State taxes | (3,133) |  |  | (2,208) |  |  | (494) |
Research and development credits | (419) |  |  | (925) |  |  | (1,793) |
Foreign operations taxed at different rates | — |  |  | — |  |  | 78 |
Stock-based compensation | 1,930 |  |  | 1,967 |  |  | 239 |
Other nondeductible items | (108) |  |  | 438 |  |  | (238) |
Executive compensation | 306 |  |  | 152 |  |  | 80 |
Change in valuation allowance | 15,159 |  |  | 16,640 |  |  | 9,400 |
Provision for income taxes | $ | 34 |  |  | $ | 69 |  |  | $ | 276 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating losses | $ | 82,925 |  |  | $ | 72,586 |
Credits | 17,660 |  |  | 16,412 |
Deferred revenues | 48 |  |  | 176 |
Stock-based compensation | 4,786 |  |  | 4,445 |
Reserves and accruals | 2,650 |  |  | 2,774 |
Property and Equipment | 830 |  |  | 457 |
Intangible assets | 244 |  |  | 532 |
Capital losses | 452 |  |  | 424 |
R&D Capitalization | 28,471 |  |  | 26,821 |
Unrealized gain/loss | 2 |  |  | — |
Lease liability | 7,445 |  |  | 3,608 |
Other assets | 4,362 |  |  | 2,542 |
Total deferred tax assets: | 149,875 |  |  | 130,777 |
Valuation allowance | (142,994) |  |  | (127,835) |
Deferred tax liabilities: |  |  |
Right-of-use assets | (6,895) |  |  | (2,958) |
Total deferred tax liabilities: | (6,895) |  |  | (2,958) |
Net deferred tax liabilities | $ | (14) |  |  | $ | (16) |
Schedule of Federal, State and Foreign NOL Carryforwards and Federal Research and Development Tax Credits | The following table sets forth our federal, state and foreign NOL carryforwards and federal research and development tax credits as of December 31, 2024 (in thousands):
| December 31, 2024
| Amount |  | Expiration Years
Net operating losses, federal | $ | 182,918 |  |  | 2026-2037
Net operating losses, federal | $ | 158,554 |  |  | Do not expire
Net operating losses, state | $ | 175,040 |  |  | 2028-2044
Tax credits, federal | $ | 19,073 |  |  | 2024-2044
Tax credits, state | $ | 20,791 |  |  | Do not expire
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
| December 31,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 20,204 |  |  | $ | 18,571 |  |  | $ | 15,261 |
Additions based on tax positions related to current year | 1,332 |  |  | 2,164 |  |  | 3,553 |
Additions to tax position of prior years | 82 |  |  | — |  |  | — |
Reductions to tax position of prior years | — |  |  | (531) |  |  | (243) |
Balance at end of year | $ | 21,618 |  |  | $ | 20,204 |  |  | $ | 18,571 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration