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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Net (loss) income before income taxes | Net (loss) income before income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States | $ | (18,787) |  | $ | (22,844) |  | $ | (22,651)
Foreign | 198 |  | 159 |  | 150
Total | $ | (18,589) |  | $ | (22,685) |  | $ | (22,501)
Income tax provision | For the years ended December 31, 2024, 2023, and 2022, the provision for income taxes consisted of the following:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
U.S. Federal | $ | — |  | $ | — |  | $ | —
State | 12 |  | 14 |  | 37
Foreign | 32 |  | — |  | —
Total current expense | $ | 44 |  | $ | 14 |  | $ | 37
Deferred |  |  |  |  |
U.S. Federal | — |  | — |  | —
State | — |  | — |  | —
Foreign | — |  | — |  | —
Total deferred expense | — |  | — |  | —
Total provision for income taxes | $ | 44 |  | $ | 14 |  | $ | 37
Reconciliation of U.S federal statutory rate to effective rate | The reconciliation of the U.S. federal statutory rate to the Company’s effective rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax benefit using U.S. federal statutory rate | 21.0% |  | 21.0% |  | 21.0%
State income taxes, net of federal benefit | 0.6 |  | 4.1 |  | 5.0
Nondeductible expenses | (1.0) |  | (0.5) |  | (0.3)
Unrecognized tax benefits | (16.5) |  | — |  | —
Research credits | 4.0 |  | 0.2 |  | 0.1
Sale of Design Manager | — |  | — |  | (2.2)
Stock-based compensation | (7.4) |  | (3.1) |  | (0.3)
Change in the valuation allowance | 4.6 |  | (21.2) |  | (23.5)
Executive compensation | (5.0) |  | (0.2) |  | —
Other | (0.6) |  | (0.4) |  | —
Provision for income taxes | (0.3)% |  | (0.1)% |  | (0.2)%
Deferred income tax assets and liabilities, and activity in valuation allowance | The significant components of the Company’s deferred income tax assets and liabilities at December 31, 2024 and 2023 were comprised of the following:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets |  |  |
Net operating losses | $ | 34,277 |  | $ | 31,710
Research credits | 769 |  | 3,092
Property and equipment | 323 |  | 363
Intangible assets and goodwill | 864 |  | 1,074
Capitalized research and development expense | 9,968 |  | 9,630
Operating lease liabilities | 5,627 |  | 5,541
Stock-based compensation | 1,220 |  | 2,295
Other | 1,533 |  | 1,903
Total deferred tax assets | $ | 54,581 |  | $ | 55,608
Valuation allowance | (48,978) |  | (49,814)
Net deferred tax assets | $ | 5,603 |  | $ | 5,794
Deferred tax liabilities |  |  |
Capitalized internal-use software | (503) |  | (674)
Right-of-use assets | (5,010) |  | (4,968)
Other | (90) |  | (152)
Total deferred tax liabilities | $ | (5,603) |  | $ | (5,794)
Net deferred tax liabilities | $ | — |  | $ | —
The activity in the Company’s valuation allowance for the years ended December 31, 2024 and 2023, was as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Valuation allowance at beginning of year | $ | 49,814 |  | $ | 44,951
(Decrease) Increases recorded to provision for income taxes | (825) |  | 4,887
Decreases recorded to equity | (11) |  | (24)
Valuation allowance at end of year | $ | 48,978 |  | $ | 49,814
Unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Gross tax contingencies as of beginning of year | $ | 1,031 |  | $ | 1,022
Additions for tax positions related to the current year | 84 |  | 9
Additions for tax positions of prior years | 2,976 |  | —
Gross tax contingencies as of end of year | $ | 4,091 |  | $ | 1,031

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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 + Details
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