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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of components of loss before income tax

The components of loss before income tax is as follows (in thousands):

December 31, 

    

2024

    

2023

    

2022

Domestic

$

(62,293)

$

(27,029)

$

(41,307)

Foreign

 

 

 

$

(62,293)

$

(27,029)

$

(41,307)

Schedule of reconciliation of the effective tax rate to the U.S. Federal statutory rate

A reconciliation of the Company’s effective tax rate to the U.S. Federal statutory rate is as follows:

December 31, 

 

    

2024

    

2023

    

2022

 

Federal tax benefit at statutory rate

21

%  

21

%  

21

%  

State tax, net of Federal benefit

7

%  

8

%  

8

%  

Change in valuation allowance

(12)

%  

(25)

%  

(22)

%  

Research and development tax credits

2

%  

3

%  

2

%  

Share based Compensation

%  

(1)

%  

(1)

%  

162(m) covered employees compensation limitation

(1)

%  

%  

FIN48 Reserve

%  

(1)

%  

%  

Investment in Angel

(1)

%  

(5)

%  

(7)

Warrant liability

(15)

%  

%  

%  

Other

(1)

%  

(1)

Effective income tax rate

0

%  

0

%  

0

%

Schedule of principal components of the net deferred tax assets

The principal components of the Company’s net deferred tax assets are as follows (in thousands)

December 31, 

    

2024

    

2023

    

2022

Deferred tax assets

Net operating loss carryforwards

$

64,080

$

59,314

$

56,030

Tax credit carryforwards

 

11,953

 

10,752

 

9,888

Capitalized tax assets

 

118

 

138

 

155

Accruals

 

135

 

116

 

124

Stock compensation

5,898

5,883

5,487

Operating lease liability

314

384

728

IRC 174 capitalization

8,387

6,713

4,518

Other

 

 

 

21

Total deferred tax assets

$

90,885

$

83,300

$

76,951

Deferred tax liabilities

Operating lease right-of-use asset

$

(330)

$

(322)

$

(620)

Other

(22)

Valuation allowance

 

(90,533)

 

(82,978)

 

(76,331)

Net deferred tax assets

$

$

$

Schedule of unrecognized tax benefits activity

December 31, 

    

2024

     

2023

    

2022

Unrecognized tax benefits beginning of the period

$

12,823

$

12,720

$

12,504

Decrease related to the prior year

 

17

 

(119)

 

Increased related to the current year

 

296

 

222

 

216

Unrecognized tax benefits, end of the period

$

13,136

$

12,823

$

12,720