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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following (in thousands):

						Year Ended December 31,
						2024						2023
Current:
Federal						$	—					$	—
State						(12)						(33)
Total current						(12)						(33)
Deferred:
Federal						—						—
State						—						—
Total deferred						—						—
Income tax expense						$	(12)					$	(33)

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of our provision for income taxes differs from the federal statutory rate as follows:

						Year Ended December 31,
						2024						2023
Federal statutory tax rate						21.0		%				21.0		%
State income taxes, net of federal tax benefits						2.2		%				2.2		%
Research and development tax credits						0.1		%				0.1		%
Stock compensation						(5.9)		%				(3.4)		%
Non-deductible expenses						(2.5)		%				(1.4)		%
Change in valuation allowance						(15.2)		%				(18.5)		%
Other						—		%				(0.1)		%
Effective tax rate						(0.3)		%				(0.1)		%

Schedule of Deferred Tax Assets and Liabilities

If the Company’s judgment changes and it is determined

that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense (in thousands).

						December 31,
						2024						2023
Deferred tax assets:
Net operating loss carryforwards						$	35,348					$	32,479
Research and development tax credits						2,360						2,353
Accruals, reserves and other						955						1,119
Interest expense						2,785						2,547
Indefinite lived assets						276						300
Stock compensation						598						1,391
Lease liability						681						925
Capitalization of research and experimentation costs						2,942						2,929
Total gross deferred tax assets						45,945						44,043
Less: valuation allowance						(45,237)						(42,942)
Deferred tax assets, net						708						1,101
Deferred tax liabilities:
Right of use assets						(592)						(814)
Basis differences in fixed and intangible assets						(116)						(287)
Deferred tax liabilities						(708)						(1,101)
Net deferred tax assets						$	—					$	—

Schedule of Valuation Allowance

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024 and 2023, which related primarily to increases in net operating loss (NOL) carryforwards, research and development tax credits, and capitalization of research and experimentation costs were as follows (in thousands):

						December 31,
						2024						2023
Valuation allowance at the beginning of the year						$	42,942					$	38,567
Increases recorded to income tax provision						2,295						4,375
Valuation allowance at the end of the year						$	45,237					$	42,942

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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
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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

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

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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

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

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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