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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Summary of Significant components of the Company's deferred tax assets

Significant components of the Company’s deferred tax assets for federal income taxes consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2024

    

2023

Deferred tax assets

​

​

​

​

​

  

Net operating loss carryforwards

​

$

66,265

​

$

61,427

Capitalized research and development expenses

​

​

6,185

​

​

4,845

Stock-based compensation

​

​

1,604

​

​

2,300

Accrued expenses and other

​

​

1,193

​

​

1,235

Lease liability

​

​

478

​

​

557

Research and development credits

​

​

830

​

​

830

Inventory reserve

​

​

432

​

​

289

Interest expense carryforward

​

​

691

​

​

523

Gross deferred tax asset before valuation allowance

​

 

77,678

​

 

72,006

Less: valuation allowance

​

​

(76,782)

​

​

(71,086)

Total deferred tax asset

​

​

896

​

​

920

Deferred tax liabilities

​

​

​

​

​

​

Depreciation and amortization

​

 

(326)

​

 

(436)

Right of use asset

​

​

(430)

​

​

(484)

Gross deferred tax liability

​

 

(756)

​

​

(920)

Net deferred tax asset

​

$

140

​

$

—

Schedule of Company's net operating loss (NOL) carryforwards

The Company’s net operating loss (“NOL”) carryforwards for federal and state income tax purposes consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2024

    

2023

NOL carryforwards

​

​

​

​

​

​

Federal

​

$

266,655

​

$

239,417

State

​

 

218,944

​

 

196,132

Schedule of reconciliation of income tax benefit

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

    

2024

    

2023

 

2022

​

Rate reconciliation

​

  

​

  

​

​

​

Federal tax benefit at statutory rate

 

(21.0)

%  

(21.0)

%

(21.0)

%

State rate, net of federal benefit

 

2.0

 

(3.1)

​

(3.1)

​

Permanent differences

 

0.9

 

0.7

​

0.6

​

Research and development

 

—

 

(0.4)

​

—

​

Change in valuation allowance

 

15.0

 

23.4

​

23.4

​

Stock compensation true-up

​

3.1

​

—

​

—

​

Other

 

(0.4)

 

0.4

​

0.1

​

Total tax provision

 

(0.4)

%  

—

%

—

%