Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax (Provision) Benefit

The provision (benefit) for income taxes charged to operations was as follows:

	2024		2023
	(in thousands)
Current tax expense
U.S. federal	$	—	$	—
State and local		2		2
Total current		2		2
Deferred tax expense:
U.S. federal	$	—	$	—
State and local		—		—
Total deferred		—		—
Total provision for income taxes	$	2	$	2

Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

A reconciliation of the provision for income taxes with the expected income tax computed by applying the statutory federal income tax rate to loss before provision for income taxes and a reconciliation of the statutory federal rate and the effective rate was calculated as follows:

	2024						2023
	Amount			Percent			Amount			Percent
Tax computed at federal statutory rate	$	(5,872	)		21.00	%	$	(12,896	)		21.00	%
State income tax - net of federal benefit		(383	)		1.37	%		(1,350	)		2.20	%
Tax credits		-			-			(351	)		0.57	%
Change in valuation allowance		2,738			(9.79	)%		12,894			(21.00	)%
Stock-based compensation		748			(2.68	)%		1,623			(2.64	)%
Other deferred adjustments		795			(2.84	)%		(65	)		0.11	%
Gain on sale of subsidiary		1,889			(6.76	)%		-			-
Permanent items		87			(0.30	)%		147			(0.24	)%
Income tax provision	$	2			0.00	%	$	2			0.00	%

Significant Components of Net Deferred Taxes

The significant components that comprised the Company’s net deferred taxes at December 31, 2024 and 2023 are as follows:

	2024			2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	89,993		$	87,831
Fixed assets and intangible assets		1,664			1,643
Lease liabilities		763			659
Accruals and reserves		1,025			1,018
Stock-based compensation		710			453
Tax credits		5,759			5,749
Research & Development		4,749			5,093
Other		2,865			2,261
Gross deferred tax assets		107,528			104,707
Less: valuation allowance		(106,745	)		(104,007	)
Net deferred tax assets		783			700
Deferred tax liabilities:
Fixed assets and intangible assets		—			—
Right-of-use assets		(783	)		(700	)
Total gross deferred tax liabilities:		(783	)		(700	)
Net deferred tax asset (liability)	$	—		$	—

Summary of Changes in Unrecognized Tax Benefits

The following changes occurred in the amount of unrecognized tax benefits:

	2024		2023
	(in thousands)
Gross unrecognized tax benefits at the beginning of the year	$	2,156	$	2,020
Increases related to current year tax positions		—		126
Increases related to prior year tax positions		4		10
Gross unrecognized tax benefits at the end of the year	$	2,160	$	2,156