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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of reconciliation of income taxes

A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

For the Year Ended 

December 31,

    

2024

    

2023

Income tax at U.S. federal statutory rate

$

(6,173)

$

(3,643)

State taxes, net of federal benefit

 

 

Valuation allowance

 

5,735

 

3,604

Other

 

438

 

39

Total income tax

$

$

Schedule of components of deferred tax assets

The Company’s significant components of deferred tax assets are as follows (in thousands):

As of December 31,

    

2024

    

2023

Federal net operating loss carryforwards

$

9,903

$

7,235

Capitalized research and development expense

 

8,652

 

5,665

Tax credits

 

417

 

417

Other

 

180

 

100

Net deferred tax assets before valuation allowance

 

19,152

 

13,417

Valuation allowance

 

(19,152)

 

(13,417)

Net deferred tax assets after valuation allowance

$

$