v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Net Loss Before Income Taxes

The components of net loss before income taxes consisted of the following (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

United States

$

(30,905

)

 

$

(31,476

)

International

 

(4,573

)

 

 

-

 

Net loss before taxes

$

(35,478

)

 

$

(31,476

)
Summary of Reconciliations of Income Tax

The benefit for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Income tax expense (benefit) at federal statutory rate

 

$

(7,450

)

 

21.0

%

 

$

(6,610

)

 

21.0

%

Increase/(decrease) in tax resulting from:

 

 

 

 

 

 

 

 

 

 

State income taxes

 

 

—

 

 

0.0

%

 

 

—

 

 

0.0

%

Change in valuation allowance

 

 

6,441

 

 

-18.2

%

 

 

6,541

 

 

-20.8

%

Nondeductible R&D Expenses

 

 

921

 

 

-2.6

%

 

 

—

 

 

0.0

%

Stock-based compensation expense

 

 

90

 

 

-0.2

%

 

 

60

 

 

-0.2

%

Other

 

 

(2

)

 

0.0

%

 

 

9

 

 

0.0

%

Total

 

$

—

 

 

0.0

%

 

$

—

 

 

0.0

%
Components of Net Deferred Tax Assets and Liabilities

The primary components of temporary differences which give rise to the Company’s net deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

Accrual to cash adjustment

$

499

 

 

$

433

 

Start-up costs

 

7,190

 

 

 

4,508

 

Patent costs

 

40

 

 

 

40

 

Stock-based compensation expense

 

1,432

 

 

 

1,627

 

Net operating loss

 

7,638

 

 

 

6,515

 

Capitalized R&D

 

6,813

 

 

 

4,940

 

Other deferred taxes

 

21

 

 

 

11

 

R&D credits

 

868

 

 

 

528

 

Total noncurrent deferred tax assets

 

24,501

 

 

 

18,602

 

Valuation Allowance

 

(24,501

)

 

 

(18,602

)

Net deferred tax assets after valuation allowance

$

—

 

 

$

—

 
Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards as of December 31, 2024 are as follows (in thousands):

 

 

 

Amount

 

 

Expiration Years

Net operating losses, federal (Post December 31, 2017)

 

$

32,229

 

 

Do Not Expire

Net operating losses, federal (Pre January 1, 2018)

 

$

11

 

 

2037

Net operating losses, state

 

$

11,602

 

 

2037

Net operating losses, foreign

 

$

192

 

 

Indefinite

Tax credits, federal

 

$

752

 

 

2041

Tax credits, state

 

$

617

 

 

Indefinite
Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2024 and 2023 is as following (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Beginning Balance

$

251

 

 

$

157

 

Additions based on tax positions related to the current year

$

160

 

 

$

94

 

Ending Balance

$

411

 

 

$

251