XML 51 R39.htm IDEA: XBRL DOCUMENT v3.25.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit (Provision)

The provision for income taxes includes the following components for the years ended December 31, 2024 and 2023 (in thousands):

		Year Ended December 31,
		2024				2023
Current:
Federal		$	—			$	—
State			—				—
Total current benefit (provision)		$	—			$	—
Deferred:
Federal		$	8,981			$	8,178
State			4,198				2,198
Change in valuation allowance			(13,179	)			(10,376	)
Total deferred benefit (provision)		$	—			$	—
Total income tax benefit (provision)		$	—			$	—

Schedule of Effective Income Tax Rate Reconciliation

The benefit (provision) for income taxes differs from the amount computed at federal statutory rates as follows (in thousands):

		Year Ended December 31,
		2024								2023
Computed Federal income tax benefit (expense) at the    statutory rate		$	6,908				21.00	%		$	7,602				21.00	%
R&D credits			837				2.54	%			698				1.93	%
Equity-based expenses			2,366				7.19	%			(63	)			(0.17	)%
State income taxes, net of federal benefit			3,272				9.95	%			1,783				4.92	%
State net operating loss carryforward true up			—				—	%			154				0.42	%
Change in statutory rates			813				2.47	%			163				0.45	%
Other			(1,017	)			(3.09	)%			39				0.11	%
Valuation allowance			(13,179	)			(40.06	)%			(10,376	)			(28.66	)%
Income tax benefit (provision)		$	—				—	%		$	—				—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income tax assets (liabilities) are as follows (in thousands):

		December 31,
		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	61,615			$	53,072
R&D credits			4,693				3,856
R&E expenses			8,127				5,219
Accruals and reserves			409				278
Equity-based compensation			3,193				2,440
Depreciation and amortization			5				—
Lease liability			184				317
Other			7				7
Total deferred tax asset before allowance			78,233				65,189
Less: valuation allowance			(78,058	)			(64,879	)
Total deferred tax asset			175				310
Deferred tax liabilities:
Right-of-use asset			(175	)			(306	)
Depreciation and amortization			—				(4	)
Net deferred tax assets		$	—			$	—

Schedule of Uncertain Tax Positions Roll Forward

A reconciliation of the beginning and ending amount of uncertain tax positions (in thousands):

		Year Ended December 31,
		2024				2023
Balance at the beginning of the year		$	2,570			$	2,025
Gross increases—prior period			—				80
Gross increases—current period			559				465
Balance at the end of the year		$	3,129			$	2,570

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration