XML 43 R30.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The Company’s income tax provision for the years ended December 31, 2024 and 2023, consists of the following (in thousands):

Current

 

December 31,

 

 

2024

 

 

2023

 

Federal

 

$

 

 

$

 

Foreign

 

 

236

 

 

 

110

 

State

 

 

 

 

 

 

Provision for income taxes

 

$

236

 

 

$

110

 

Schedule of Tax Effects of Temporary Differences and Deferred Tax Assets and Liabilities The income tax effect of temporary differences that give rise to deferred tax assets and (liabilities) consist of the following (in thousands):

 

December 31,

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

69,105

 

 

$

60,753

 

Deferred compensation

 

 

8,669

 

 

 

5,547

 

Capitalized research and development expenses

 

 

6,085

 

 

 

4,566

 

Research and development credits

 

 

3,361

 

 

 

2,357

 

Operating lease liability

 

 

263

 

 

 

388

 

Provision for bad debt

 

 

180

 

 

 

310

 

Fixed assets

 

 

168

 

 

 

137

 

Disallowed interest expense carryover

 

 

 

 

 

830

 

Other

 

 

79

 

 

 

148

 

Gross deferred tax assets

 

 

87,910

 

 

 

75,036

 

Less: Valuation allowance

 

 

(87,666

)

 

 

(74,655

)

Deferred tax assets, net of valuation allowance

 

 

244

 

 

 

381

 

Operating lease right-of-use assets

 

 

(244

)

 

 

(381

)

Deferred tax liabilities:

 

 

(244

)

 

 

(381

)

Net deferred tax assets

 

$

 

 

$

 

Summery statutory federal income tax rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows (in thousands):

 

December 31,

 

 

2024

 

 

2023

 

Tax at statutory federal rate

 

 

21

%

 

 

21

%

State tax, net of federal benefit

 

 

5

%

 

 

5

%

Research and development credit

 

 

3

%

 

 

2

%

Compensation

 

 

(5

)%

 

 

(2

)%

Change in valuation allowance

 

 

(22

)%

 

 

(25

)%

Other

 

 

(2

)%

 

 

(1

)%

Effective tax rate

 

 

 

 

 

 

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):

 

December 31,

 

 

2024

 

 

2023

 

Unrecognized tax benefits at the beginning of the year

 

$

903

 

 

$

741

 

Additions based on tax positions related to the current year

 

 

376

 

 

 

162

 

Additions for tax positions of prior years

 

 

 

 

 

 

Unrecognized tax benefits at the end of the year

 

$

1,279

 

 

$

903