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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation The effective income tax rate of the provision for income taxes differs from the federal statutory rate as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Federal statutory income tax rate

 

 

21

%

 

 

21

%

State income taxes, net of federal benefit

 

 

5

 

 

 

1

 

Research and developments credits

 

 

—

 

 

 

1

 

Change in ownership limitation

 

 

(9

)

 

 

—

 

Permanent items

 

 

(3

)

 

 

(3

)

Change in valuation allowance

 

 

(14

)

 

 

(20

)

Effective income tax rate

 

 

—

%

 

 

—

%

 
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are as follows (in thousands):

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

Deferred Tax Assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

78,372

 

 

$

72,722

 

Research and development tax credits

 

 

192

 

 

 

4,149

 

Interest expense limitation

 

 

7,107

 

 

 

5,120

 

Capitalized research costs

 

 

5,055

 

 

 

4,281

 

Share-based compensation

 

 

2,294

 

 

1,685

 

Lease liability

 

 

6,601

 

 

6,398

 

Accruals and reserves

 

 

1,305

 

 

 

667

 

Total

 

 

100,926

 

 

 

95,022

 

Valuation allowance

 

 

(98,993

)

 

 

(93,023

)

Total deferred tax assets after valuation allowance

 

 

1,933

 

 

 

1,999

 

 

 

 

 

 

 

 

Deferred Tax Liabilities:

 

 

 

 

 

 

Property and equipment

 

 

(66

)

 

 

(4

)

Right-of-use asset

 

 

(977

)

 

 

(692

)

Intangible assets

 

 

(890

)

 

 

(1,303

)

Total deferred tax liabilities

 

 

(1,933

)

 

 

(1,999

)

Net deferred tax assets and liabilities

 

$

—

 

 

$

—

 
Reconciliation of Unrecognized Tax Benefits A reconciliation of beginning and ending balances for unrecognized tax benefits is as follows (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Balance at January 1

 

$

1,037

 

 

$

952

 

Additions for tax positions related to the current year

 

 

48

 

 

 

57

 

Additions for tax positions related to prior years

 

 

(1,037

)

 

 

28

 

Reductions for tax positions related to prior years

 

 

—

 

 

 

—

 

Reductions related to settlements

 

 

—

 

 

 

—

 

Reductions related to a lapse of statute

 

 

—

 

 

 

—

 

Balance at December 31

 

$

48

 

 

$

1,037