Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss from Continuing Operations Before Income Taxes

The domestic and foreign components of loss from continuing operations before income taxes for the years ended December 31, 2024 and 2023 are as follows (in thousands):

	For the Years Ended December 31,
	2024			2023
Domestic	$	(30,876	)	$	(25,066	)
Foreign		(4,711	)		—
Net Loss, before tax	$	(35,587	)	$	(25,066	)

Schedule of Reconciliation Between the U.S. Statutory Federal Income Tax Rate and Company’s Effective Rate

The income tax provision (benefit) for the years ended December 31, 2024 and 2023 consists of the following (in thousands):

	For the Years Ended December 31,
	2024			2023
Foreign
Current	$	—		$	—
Deferred		(1,088	)		—
U.S. federal
Current		—			—
Deferred		(4,023	)		(1,647	)
State and local
Current		16			—
Deferred		(1,061	)		(345	)
		(6,156	)		(1,992	)
Change in valuation allowance		6,172			1,992
Income Tax Provision (Benefit)	$	16		$	—

Schedule of Reconciliation Between the U.S. Statutory Federal Income Tax Rate and Company’s Effective Rate

The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective rate for the years ended December 31, 2024 and 2023 is as follows:

	For the Years Ended December 31,
	2024			2023
U.S. federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefit		2.2	%		4.4	%
162(m) compensation limit		(7.1	)%		(0.2	)%
Transaction costs		(2.1	)%		—	%
Convertible notes / warrant inducement expense		(3.8	)%		(6.7	)%
Convertible notes – fair value adjustment		7.3	%		(9.7	)%
Foreign income tax rate difference		0.8	%		—	%
Other permanent items		(1.8	)%		(1.0	)%
Provision to return adjustment		0.1	%		—	%
Rate change		0.1	%		—	%
Other		(0.1	)%		(0.8	)%
Change in valuation allowance		(16.6	)%		(7.0	)%
Effective Rate		(0.0	)%		0.0	%

Schedule of Company’s Deferred Tax Assets and Liabilities

As of December 31, 2024 and 2023, the Company’s deferred tax assets and liabilities consisted of the effects of temporary differences attributable to the following (in thousands):

	As of December 31,
	2024			2023
Deferred Tax Asset
Loss carryovers	$	59,366		$	3,867
Stock based compensation		4,103			2,443
Research credits		—			—
Accrued expenses		791			1,348
Reserves		—			—
Intangibles		181			—
Fixed assets		—			—
Unrealized gain		144			—
Section 174 capital research		3,955			866
Other		702
Total Deferred Tax Asset		69,242			8,524
Less: valuation allowance		(69,017	)		(8,524	)
Deferred Tax Asset, Net of Valuation Allowance	$	225		$	—

	As of December 31,
	2024			2023
Deferred Tax Liabilities
Intangible assets	$	—		$	—
Fixed assets		(7	)		—
Other		(218	)		—
Capitalized research		—			—
Total deferred tax liabilities		(225	)		—
Net Deferred Tax Asset (Liability)	$	—		$	—