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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Loss Before Income Taxes | The components of loss before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Restated) |  |  | (Restated) |
U.S. |  | $ | (7,304 | ) |  | $ | (83,469 | )
Foreign |  | 824 |  |  |  | 916 |
Loss before income taxes |  | $ | (6,480 | ) |  | $ | (82,553 | )
Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate | The reconciliation between the effective tax rate and the statutory federal income tax rate is as follows:
|  | Year Ended December 31, |
|  | 2024 |  | 2023 |
|  | (Restated) |  |  | (Restated) |
U.S. statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 53.1 | % |  |  | 7.0 | %
Change in fair value of financial instruments |  |  | 149.8 | % |  |  | 2.7 | %
Tax credits |  |  | 1.7 | % |  |  | 0.4 | %
Valuation allowance |  |  | (234.0 | )% |  |  | (30.2 | )%
Non-deductible expenses |  |  | (6.0 | )% |  |  | (0.8 | )%
Other |  |  | 3.3 | % |  |  | (0.4 | )%
Effective tax rate |  |  | (11.1 | )% |  |  | (0.3 | )%
Schedule of Deferred Tax Assets | Significant components of the Company’s deferred tax assets are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
U.S. federal and state net operating loss carryforwards |  | $ | 49,591 |  |  | $ | 36,092 |
Capitalized start-up and research and development expenses |  |  | 13,362 |  |  |  | 10,868 |
Research and development tax credits |  |  | 2,436 |  |  |  | 2,275 |
Interest expense |  |  | 6,639 |  |  |  | 3,918 |
Lease liability |  |  | 485 |  |  |  | 659 |
Depreciation |  |  | 151 |  |  |  | 203 |
Bad debt reserve |  |  | 1,831 |  |  |  | 3,461 |
Accrued costs |  |  | 5,456 |  |  |  | 2,075 |
Other temporary differences |  |  | 1,870 |  |  |  | 70 |
Total deferred tax assets |  |  | 81,821 |  |  |  | 59,621 |
Valuation allowance |  |  | (77,750 | ) |  |  | (57,985 | )
Net deferred tax assets |  |  | 4,071 |  |  |  | 1,636 |
Right of use asset |  |  | (451 | ) |  |  | (623 | )
Other deferred tax liability |  |  | (66 | ) |  |  | (1,013 | )
Convertible debt |  |  | (3,358 | ) |  |  | — |
Total deferred tax liabilities |  |  | (3,875 | ) |  |  | (1,636 | )
Net deferred tax asset |  | $ | 196 |  |  | $ | — |
Summary of Valuation Allowance | Changes to the Company’s valuation allowance are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Beginning balances |  | $ | 57,985 |  |  | $ | 33,484 |
Additions charged to net loss |  |  | 19,765 |  |  |  | 24,501 |
Ending balances |  | $ | 77,750 |  |  | $ | 57,985 |

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