INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total benefit for income taxes for the years ended December 31, 2024 and 2023 is as follows:


	Year Ended December 31,
	2024		2023
Statutory federal income tax rate	21.0	%	21.0	%
State tax, net of federal benefit	3.1		2.5
Non-deductible stock compensation	(0.5)		(0.4)
Rate change	0.4		(0.1)
Other	(1.9)		(0.5)
Change in valuation allowance	(22.1)		(22.5)
Income tax provision	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets as of December 31, 2024 and 2023 were as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss	$	20,906	$	16,555
Capitalized R&D	29,548		13,328
Stock compensation	3,171		1,849
R&D credit	1,215		1,350
Intangible assets	443		441
Accruals and other temporary differences	1,395		575
Gross deferred tax assets	56,678		34,098
Valuation allowance	(56,405)		(33,661)
Total deferred tax assets	273		437
Deferred tax liabilities:
Embedded debt derivative liabilities	(208)		(274)
Other	(65)		(163)
Total deferred tax liabilities	(273)		(437)
Net deferred tax assets	$	—	$	—