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 Income Tax Provision
The income tax provision consisted of the following for the years ended December 31, 2024 and 2023 (in thousands):
December 31,
2024 2023
Current:
   Federal $ —  $ — 
   State —  — 
Total Current —  — 
Deferred:
   Federal 24  24 
   State 90  (10)
Total Deferred 114  14 
Net income tax expense $ 114  $ 14 
Schedule of Components of Deferred Tax Assets (Liabilities)
The net deferred tax assets (liabilities) consisted of the following for the years ended December 31, 2024 and 2023 (in thousands):
  December 31,
  2024 2023
Deferred tax assets (liabilities):          
Net operating losses $ 42,689  $ 37,268 
Tax credits 6,263  5,854 
Capitalized research and development 10,803  6,945 
Stock-based compensation 1,651  3,557 
Basis difference in tangible and intangible assets, net 1,811  1,843 
Accrued compensation 691  118 
Installment sale and revenue recognition 2,535  1,601 
Other reserves 148  336 
Lease liability 225  410 
Prepaid expenses (227) (118)
Right-of-use asset (181) (286)
Goodwill (1,022) (774)
Total deferred tax assets, net 65,386  56,754 
Less valuation allowance (65,656) (56,909)
Net deferred taxes $ (270) $ (155)
Schedule of Reconciliation of Income Tax Expenses Between Federal Statutory Rate and Effective Income Tax Rate
The income tax expense for the years ended December 31, 2024 and 2023 differed from the amounts computed by applying the U.S. federal income tax rate of 21% as follows:
  December 31,
  2024 2023
Federal statutory rate 21.00  % 21.00  %
Warrants and related transaction costs 19.86  — 
Acquired in-process research and development (16.58) — 
Goodwill impairment —  (2.60)
Stock compensation (9.37) (1.40)
State taxes (0.26) 0.03 
Research tax credit 1.17  0.47 
Other 0.46  — 
Valuation allowance (16.61) (17.54)
Effective income tax rate (0.33) % (0.04) %