Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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	$	—	$	—