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