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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Benefit for Income Taxes

The components of the provision (benefit) expense were as follows for the years ended December 31, 2024 and 2023 (in thousands):

		Year Ended December 31,
		2024				2023
Current income tax (benefit) expense:
Federal		$	—			$	—
State			(1	)			13
Total current income tax (benefit) expense			(1	)			13
Deferred income tax benefit:
Federal			(16,279	)			(16,514	)
State			(2,803	)			(11,247	)
Total deferred income tax benefit			(19,082	)			(27,761	)
Changes in tax rate			2,155				(1,471	)
Changes in valuation allowance			16,927				29,232
Total income tax (benefit) expense from continuing operations		$	(1	)		$	13

Schedule of Deferred Tax Liabilities and Related Valuation Allowance

The components of the Company’s net deferred tax liabilities and related valuation allowance are as follows as of December 31, 2024 and 2023 (in thousands):

		Year Ended December 31,
		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	85,226			$	71,434
Debt related interest			16,228				16,898
Capitalized research and development			5,228				4,936
Tax credit carryforwards			4,415				3,960
Stock-based compensation			1,157				525
Accrued expense and reserves			1,812				1,584
Purchased revenue liability			1,754				—
Operating lease liabilities			577				774
Other			303				159
Total deferred tax assets			116,700				100,270
Less valuation allowance			(113,703	)			(96,776	)
Total deferred tax assets			2,997				3,494
Deferred tax liabilities:
Intangible assets			(2,423	)			(2,734	)
Operating lease right-of-use assets			(574	)			(760	)
Total deferred tax liabilities			(2,997	)			(3,494	)
Net deferred tax liabilities		$	—			$	—

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between U.S. federal income taxes at the statutory rate and the Company’s provision for income taxes are as follows for the years ended December 31, 2024 and 2023 (in thousands):

		Year Ended December 31,
		2024				2023
Income tax benefit at federal statutory rate		$	(15,290	)		$	(24,007	)
Valuation allowance			18,559				29,232
Compensation expense			2,772				3,798
Acquisition related charges			485				260
Prior year true-up and carryback			(1,182	)			(5,079	)
State, net of federal tax benefit			(2,705	)			(5,127	)
Change in fair value of Convertible Debentures			(4,449	)			1,752
Change in tax rates			2,155				(1,471	)
Other			(346	)			655
Income tax (benefit) expense		$	(1	)		$	13

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31, 2024 and 2023 (in thousands):

		2024				2023
Gross unrecognized tax benefits at the beginning of the year		$	1,071			$	408
Increase related to prior year tax positions			—				536
Increase related to current year tax positions			127				127
Gross unrecognized tax benefits at the end of the year		$	1,198			$	1,071

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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

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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