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)	%	—	%	—	%