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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2024 and 2023:
(in thousands) | December 31, 2024 |  | December 31, 2023
Tax provision (benefit) at U.S. statutory rate | $ | (7,297) |  |  | 21.0 | % |  | $ | (14,473) |  |  | 21.0 | %
State income taxes, net of federal benefit | $ | (812) |  |  | 2.3 | % |  | $ | (6,694) |  |  | 9.7 | %
Non-deductible expenses | 2 |  |  | — | % |  | 261 |  |  | (0.4) | %
Change in value of equity instruments | 33 |  |  | (0.1) | % |  | (118) |  |  | 0.2 | %
Loss on extinguishment of debt | 894 |  |  | (2.6) | % |  | — |  |  | — | %
Deferred adjustments | — |  |  | — | % |  | (56) |  |  | 0.1 | %
Other | (2,004) |  |  | 5.8 | % |  | (172) |  |  | 0.3 | %
Research and development credits | — |  |  | — | % |  | (274) |  |  | 0.4 | %
IRC Sec. 174 | — |  |  | — | % |  | 217 |  |  | (0.3) | %
Uncertain tax positions | — |  |  | — | % |  | 69 |  |  | (0.1) | %
Change in valuation allowance | 9,184 |  |  | (26.4) | % |  | 21,240 |  |  | (30.8) | %
| $ | — |  |  | — | % |  | $ | — |  |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The following table presents the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023:
(in thousands) | December 31, 2024 |  | December 31, 2023
Deferred Tax Assets |  |  |
Net operating loss carryforwards | $ | 47,769 |  |  | $ | 37,037 |
Start-up and Organization Costs | 16,530 |  |  | 16,913 |
Capitalized research and development credits | 9,549 |  |  | 10,943 |
Intangibles | 5,793 |  |  | 6,703 |
Stock-based compensation | 6,725 |  |  | 4,972 |
Research and development credits | 4,842 |  |  | 4,842 |
Operating lease obligations | 241 |  |  | 1,375 |
Accrued expenses and reserves | — |  |  | 621 |
Property and equipment | 257 |  |  | 233 |
Other |  |  | 1 |
Total deferred tax assets before Valuation Allowance | 91,706 |  |  | 83,640 |
Valuation allowance | (91,624) |  |  | (82,440) |
Total deferred tax assets | $ | 82 |  |  | $ | 1,200 |
Deferred Tax Liabilities |  |  |
Operating lease right-of-use assets | $ | (82) |  |  | $ | (1,200) |
Total deferred tax liabilities | $ | (82) |  |  | $ | (1,200) |
Net deferred tax assets | $ | — |  |  | $ | — |

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