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INCOME TAXES (Tables)
 12 Months Ended
Aug. 02, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of loss from continuing operations before income taxes were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Loss from continuing operations before income taxes:
United States$(28,023)$(120,546)$(149,465)
Total loss from continuing operations before income taxes$(28,023)$(120,546)$(149,465)
Schedule of Components of Provision for Income Tax Expense
The components of the income tax provision (benefit) were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Current:
Federal$305 $(1,663)$951 
State516 2 (80)
Total current$821 $(1,661)$871 
Deferred:
Total deferred$— $— $— 
Total income tax provision (benefit)$821 $(1,661)$871 
Schedule of Reconciliation of Effective Tax Rate to the Statutory Federal Rate
The reconciliation of our effective tax rate to the statutory federal rate was as follows:
For the Fiscal Year Ended
(in thousands, except percentages)August 2, 2025August 3, 2024July 29, 2023
Taxes at federal statutory rate$(5,885)21.0 %$(25,315)21.0 %$(31,388)21.0 %
State taxes, net of federal effect456 (1.6)%(11)0.0 %(214)0.1 %
Stock-based compensation1,310 (4.7)%8,376 (6.9)%14,917 (10.0)%
Change in valuation allowance4,579 (16.3)%22,179 (18.4)%25,022 (16.7)%
R&D credits(975)3.5 %(6,032)5.0 %(8,426)5.6 %
Uncertain tax positions— — %(1,545)1.3 %31 0.0 %
Return to provision(52)0.2 %(207)0.2 %2 0.0 %
Excess officer’s compensation (2)
1,032 (3.7)%376 (0.3)%445 (0.3)%
Meals and entertainment (2)
321 (1.1)%380 (0.3)%415 (0.3)%
Other35 (0.1)%138 (0.1)%67 0.0 %
Effective tax rate (1)
$821 (2.9)%$(1,661)1.4 %$871 (0.6)%
(1) Due to rounding, percentages in this table may not sum to totals.
(2) Fiscal 2024 and fiscal 2023 amounts have been reclassified to conform to the current fiscal year presentation. Amounts were previously classified as “Other.”
Schedule of Components of Net Deferred Tax Assets
The components of net deferred tax assets were as follows:
(in thousands)August 2, 2025August 3, 2024
Deferred tax assets:
Inventory reserve and UNICAP$14,612 $11,816 
Accruals and reserves2,165 1,937 
Research and development credits48,304 48,424 
Capitalized research and development costs48,602 40,094 
Stock-based compensation6,724 7,892 
Deferred revenue1,148 1,661 
Operating lease liability24,473 30,889 
Net operating losses53,880 59,938 
Other1,719 2,071 
Gross deferred tax assets$201,627 $204,722 
Less: valuation allowance(179,564)(176,732)
Deferred tax assets, net of valuation allowance$22,063 $27,990 
Deferred tax liabilities:
Depreciation and amortization$(8,281)$(10,747)
Operating lease right-of-use assets(13,400)(16,767)
Other(382)(476)
Gross deferred tax liabilities$(22,063)$(27,990)
Net deferred tax assets, net of valuation allowance$— $— 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of our unrecognized tax benefits is as follows:
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Balance at the beginning of the year$32,816 $29,916 $26,106 
Lapse of statute of limitations— (377)(474)
Increase related to prior period tax positions33 2,572 1,134 
Decrease related to prior period tax positions(18)(1,927)— 
Increase related to current year tax positions341 2,632 3,150 
Balance at the end of the year
$33,172 $32,816 $29,916 
Schedule of Valuation Allowance
A reconciliation of our valuation allowance was as follows:
(in thousands)August 2, 2025August 3, 2024
Valuation allowance at the beginning of the year$176,732 $154,757 
Valuation allowance charged to expense5,632 29,246 
Valuation allowance credited to other accounts(2,800)(7,271)
Valuation allowance at the end of the year$179,564 $176,732