Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income before income taxes includes the following components

	2024
United States	$	(79.1)
Total	$	(79.1)

Schedule of Net Deferred Tax Assets

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands):

	December 31,
	2024		2023
Deferred tax assets, net:
Net operating loss carryforwards	$	61,024	$	48,638
Operating lease assets		(780)		(405)
Operating lease liabilities		925		545
Depreciation		17,775		11,421
Stock compensation		1,225		2,530
Business interest expense		1,083		1,110
Capitalized research cost		11,070		7,332
Transaction cost		1,308		—
Other temporary differences		1,060		820
Deferred tax assets		94,690		71,991
Valuation allowance		(94,690)		(71,991)
Net deferred tax assets	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
	2024		2023
Federal income tax at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefits	8.5	%	6.8	%
Officers compensation limit	1.4	%	(1.8)	%
Stock based compensation	(6.1)	%	(2.5)	%
Other permanent	(0.4)	%	(0.2)	%
Valuation allowance	(28.5)	%	(23.3)	%
Net federal true-up	4.1	%	—	%
Effective tax rate	—	%	—	%