Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Provision For Income Taxes
The components of loss before provision for income taxes for the years ended December 31, 2024 and 2023, are as follows (in thousands):
December 31,
2024
December 31,
2023
Domestic pre-tax income (loss)
$ (25,946) $ (28,984)
Foreign pre-tax income (loss)
—  — 
Total pre-tax income (loss)
$ (25,946) $ (28,984)
Schedule of Tax Effects of the Temporary Differences and Carry Forwards
At December 31, 2024 and 2023, the tax effects of the temporary differences and carryovers that give rise to deferred tax assets consisted of the following (in thousands):
  December 31,
2024
December 31,
2023
Deferred tax assets:
NOL carryforwards
$ 9,281  $ 14,539 
Stock-based compensation
1,908  729 
Amortization of intangible assets
69  227 
Lease liability 378  392 
Capitalized research costs 1,460  968 
Accruals and other temporary differences —  168 
Gross deferred tax assets
13,096  17,023 
Deferred tax liabilities:
Depreciation (480) (105)
Right-of-use asset
(418) (386)
Accruals and other temporary differences (196) — 
Gross deferred tax liabilities
(1,094) (491)
Net deferred taxes before valuation allowance
12,002  16,532 
Less: valuation allowance
(12,002) (16,532)
Net deferred tax assets
$ —  $ — 
Schedule of Reconciliation of the Statutory Income Tax Rates and the Company’s Effective Tax Rate
A reconciliation of the statutory income tax rates and the Company’s effective tax rate for the years ended December 31, 2024 and December 31, 2023 are as follows (in thousands):
Year ended
December 31,
2024
Year ended
December 31,
2023
Tax provision at statutory rate $ (5,448) 21.0  % $ (6,086) 21.0  %
State taxes, net of federal benefit (665) 2.6  % (492) 1.7  %
Permanent items 932  (3.6) % 265  (0.9) %
Deferred tax true-up / return to provision 131  (0.5) % (74) 0.3  %
State NOL true-up adjustments
(918) 3.5  % —  —  %
Section 382 limitations
10,522  (40.6) % —  —  %
Other (22) 0.1  % —  —  %
Increase/(decrease) in valuation reserve (4,532) 17.5  % 6,387  (22.1) %
Income taxes provision (benefit) $ —  —  % $ —  —  %