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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | (11 | )
State |  |  | 31 |  |  |  | 70 |
Foreign |  |  | 22 |  |  |  | — |
Provision for income taxes |  | $ | 53 |  |  | $ | 59 |
Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | The difference between the effective tax rate and the U.S federal statutory rate was driven primarily due to the changes in the valuation allowance of our deferred tax assets, state income taxes and impact of stock-based compensation to the deferred tax assets in both 2024 and 2023. A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Federal statutory rate |  |  | 21 | % |  |  | 21 | %
State rate, net of federal benefit |  |  | 2 |  |  |  | 7 |
Tax credits |  |  | 2 |  |  |  | (3 | )
Permanent adjustments |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | (16 | ) |  |  | (19 | )
Stock compensation |  |  | (13 | ) |  |  | (2 | )
Tax law change |  |  | 2 |  |  |  | (5 | )
Other |  |  | 1 |  |  |  | — |
Effective tax rate |  |  | (1 | )% |  |  | (1 | )%
Schedule of Principal Components of Deferred Tax Assets | The principal components of deferred tax assets, net, were as follows at December 31 (in thousands):
|  | 2024 |  |  | 2023 |
Stock-based compensation |  | $ | 215 |  |  | $ | 663 |
Research and development credits |  |  | 6,662 |  |  |  | 6,623 |
Capitalized research expense |  |  | 3,846 |  |  |  | 3,094 |
Net operating loss |  |  | 2,655 |  |  |  | 1,768 |
Loss on note receivable |  |  | — |  |  |  | 644 |
Other |  |  | 318 |  |  |  | 257 |
Total deferred tax assts |  |  | 13,696 |  |  |  | 13,049 |
Valuation allowance |  |  | (13,222 | ) |  |  | (12,504 | )
Deferred tax liabilities |  |  |  |  |  |
Depreciation |  |  | (113 | ) |  |  | (138 | )
Intangibles |  |  | (361 | ) |  |  | (407 | )
Total deferred tax liabilities |  |  | (474 | ) |  |  | (545 | )
Net deferred tax assets (liabilities) |  | $ | - |  |  | $ | - |

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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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- 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
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- 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
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