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INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision of $0.06 million and $0.06 million was recorded for the three months ended June 30, 2025 and 2024, respectively, and $0.09 million and $0.07 million was recorded for the six months ended June 30, 2025 and 2024, respectively. The Company’s effective tax rate was (0.78%) and (0.88%) for the three months ended June 30, 2025 and 2024, respectively, and (0.67%) and (0.89%) for the six months ended June 30, 2025 and 2024, respectively. The provision for the three and six months ended June 30, 2025 relates predominately to state income taxes for states that have net operating loss usage limitations. The Company’s effective tax rate for the three and six months ended June 30, 2025 and 2024 is different than the statutory rate primarily due to changes in the Company’s valuation allowance.

As of December 31, 2024, the Company had U.S. federal net operating loss carryforward of $124.8 million that expire at various dates from 2033 through 2037 and includes $102.2 million that have an unlimited carryforward period. As of December 31, 2024, the Company has U.S. state and local net operating loss carryforwards of $91.0 million that expire from 2025 to 2043.
In evaluating its ability to realize its net deferred tax assets, the Company considered all available positive and negative evidence, such as past operating results, forecasted earnings, prudent and feasible tax planning strategies, and the future realization of the tax benefits of existing temporary differences. The Company remains in a cumulative tax loss position for the
36 months ended June 30, 2025, and determined that it is more likely than not that its net deferred tax assets will not be realized. The Company continues to maintain a full valuation allowance as of June 30, 2025 and December 31, 2024.