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Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision for Continuing Operations

The following table summarizes the components of the provision for (benefit from) income tax (in thousands):

			Year Ended December 31,
			2024						2023
Current:
Federal			$	—					$	—
State			—						(102)
Total current taxes			—						(102)
Deferred:
Federal			2,313						1,839
State			358						178
Total deferred taxes			2,671						2,017
Other:
Valuation allowance			(6,506)						(1,547)
Provision for (benefit from) income taxes			$	(3,835)					$	368

Reconciliation of Statutory Federal Income Tax Rate

The following table presents a reconciliation the statutory federal income tax rate to the Company's effective income tax rate:

			Year Ended December 31,
			2024						2023
Federal statutory rate			21.00		%				21.00		%
State income taxes, net of federal benefit			4.74		%				4.64		%
Permanent differences			0.55		%				0.50		%
Return to provision			0.01		%				(0.99)		%
Change in valuation allowance			(60.66)		%				(18.99)		%
Change in state tax rate			(0.14)		%				(0.21)		%
Other			(1.26)		%				(1.44)		%
Effective tax rate			(35.76)		%				4.51		%

Components of Deferred Tax Assets and Liabilities

The following table summarizes the components of the Company's deferred tax assets and liabilities (in thousands):

			December 31,
			2024						2023
Deferred tax assets:
Net operating loss and tax credit carryforwards			$	28,589					$	31,465
Stock-based compensation			538						471
Investments in affiliates			1,420						1,395
Right of use lease liability			1,615						1,825
Bonus accrual			1,277						1,172
Valuation allowance			(17,146)						(23,666)
Total deferred tax assets			16,293						12,662
Deferred tax liabilities:
Right of use lease asset			(1,523)						(1,739)
Depreciation and amortization			(50)						(38)
Total deferred tax liabilities			(1,573)						(1,777)
Net deferred income tax assets (liabilities)			$	14,720					$	10,885

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- 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

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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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