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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The income tax expense consisted of the following (dollars in thousands):

		Years Ended December 31,
		2024				2023
Current expense:
U.S.		$	151			$	138
Non-U.S			—				—
Total current expense		$	151			$	138

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of the differences between the expense for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands):

		2024								2023
		Amount				Percent of Pretax Income				Amount				Percent of Pretax Income
Income taxes from continuing operations at statutory rate		$	(4,439	)			21.0	%		$	14,108				(21.0	)%
State income taxes			(85	)			0.4	%			406				(0.6	)%
State effect of permanent items			(46	)			0.2	%			33				—
Permanent stock-based compensation			91				(0.4	)%			(26	)			—
Deferred rate change			104				(0.5	)%			1,839				(2.7	)%
Warrants issuance			(2,942	)			13.9	%			697				(1.0	)%
Expiring NOLs and credits			(5,177	)			24.5	%			26,355				(39.2	)%
Milestone deferral true-up			4,285				(20.3	)%			—				—
Convertible debt amortization			538				(2.6	)%			388				(0.6	)%
Deferred stock-based compensation true-up			884				(4.2	)%			—				—
Other			227				(1.1	)%			2				—
R&D credit			(1,235	)			5.8	%			(750	)			1.1	%
Increase in valuation allowance			7,946				(37.6	)%			(42,914	)			63.9	%
Total income tax expense		$	151				(0.7	)%		$	138				(0.1	)%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):

		December 31,
		2024				2023
Noncurrent deferred tax assets (liabilities)
Accrued expenses		$	53			$	75
Stock-based compensation			2,238				2,834
Lease liability			553				631
Other			(2,300	)			(798	)
Capitalized Sec. 174 R&E			13,202				10,405
Net operating loss carryforwards			48,684				46,437
Research and development credits			6,145				1,044
Total deferred tax assets			68,575				60,628
Valuation allowances			(68,575	)			(60,628	)
Net deferred tax assets		$	—			$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2024 and 2023 (in thousands):

		December 31,
		2024				2023
Unrecognized tax benefit—January 1		$	361			$	436
Additions for tax positions of current period			—				—
Additions for tax positions of prior periods			—				—
Deferred rate change			(3	)			(75	)
Unrecognized tax benefit—December 31		$	358			$	361

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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