Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended December 31, 2024 and 2023 is summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Current:
Federal	$	—	$	—
State	305		—
	$	305	$	—
Deferred:
Federal	—		—
State	—		—
	$	—	$	—
Total	$	305	$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is summarized as follows:


	Year Ended December 31,
	2024		2023
Federal income tax expense at statutory rate	(21.0)	%	(21.0)	%
State income tax, net of federal benefit	(5.2)		(5.5)
Permanent differences	2.3		10.8
Change in state tax rate	(1.3)		(0.3)
Changes of state net operating losses	—		0.3
Change in stock options and restricted stock	—		12.7
Change in valuation allowance	23.9		2.7
Federal to state differences	(1.7)		—
Other	(0.5)		0.3
Effective tax rate	(3.5)	%	0.0	%

Schedule of Deferred Tax Assets and Liabilities

The Company's deferred tax assets and liabilities for the years indicated are summarized below:


	December 31,
(In thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforward	$	35,224	$	36,735
Stock options and restricted stock	3,849		4,484

Inventory reserve	185		343
Allowance for doubtful accounts	25		18
Accrued expenses	1,746		2,194
Research and development expense	2,507		1,666
Deferred revenue	676		878
Leasehold improvements and equipment	124		99
Intangibles	102		105
Operating leases	238		227
	44,676		46,749
Less: Valuation allowance	(44,290)		(46,391)
Total deferred tax assets	386		358
Deferred tax liabilities:
Prepaid expenses	(386)		(358)
Total deferred tax liabilities	(386)		(358)
Net deferred tax assets (liabilities)	$	—	$	—