Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit)

The following summarizes the Company’s income tax provision (benefit):

	For the Years Ended December 31,
(Dollars in thousands)	2024			2023
Federal:
Current	$	-		$	-
Deferred		(4,030	)		(4,165	)
State and local:
Current		-			-
Deferred		(1,393	)		(1,388	)
		(5,423	)		(5,553	)
Change in valuation allowance		5,423			5,553
Income tax provision (benefit)	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective tax rate for the year’s ended December 31, 2024 and 2023 is as follows:

	For the Years Ended December 31,
	2024			2023
Tax benefit at federal statutory rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		(7.0	)%		(7.0	)%
Nondeductible compensation		3.8	%		4.7	%
Permanent differences		(0.1	)%		0.2	%
True up adjustments		(0.5	)%		(0.5	)%
Change in valuation allowance		24.8	%		23.6	%
Effective income tax rate		0.0	%		0.0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets at December 31, 2024 and 2023 are as follows:

	December 31,
(In thousands)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	22,163		$	17,229
Research and development credit carryforwards		186			186
Research and development expense		5,347			5,367
Intangible assets		190			218
Operating lease liability		298			393
Stock-based compensation		2,245			1,889
Impairment loss		137			137
Property and equipment		25			-
Unrealized loss on short-term investments		6			-
Total gross deferred tax assets		30,597			25,419
Deferred tax liabilities
Operating lease asset		(282	)		(377	)
Unrealized gain on short-term investments		-			(131	)
Property and equipment		-			(19	)
Total net deferred tax assets		30,315			24,892
Less: valuation allowance		(30,315	)		(24,892	)
Total	$	-		$	-