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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for (Benefit from) Income Taxes

The components of the provision for (benefit from) income taxes are as follows (in thousands):

 

 

December 31,

 

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

Total current

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

Total deferred

 

 

 

 

 

 

Provision for (benefit from) income taxes

 

$

 

 

$

 

Schedule of (Provision for) Benefit from Income Taxes Differs from Federal Statutory Rate to the Loss Before Taxes

For the rate table below the (provision for) benefit from income taxes differ from the amount expected by applying the federal statutory rate to the loss before taxes as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Federal statutory income tax rate

 

 

21.0

%

 

 

21.0

%

State income taxes

 

 

0.1

%

 

 

(8.3

)%

Change in valuation allowance

 

 

(17.5

)%

 

 

(7.0

)%

Stock-based compensation

 

 

(3.3

)%

 

 

(2.7

)%

Goodwill Impairment

 

 

 

 

 

(2.9

)%

Foreign Rate Differential

 

 

(0.2

)%

 

 

 

Other permanent differences

 

 

(0.1

)%

 

 

(0.1

)%

Provision for income taxes

 

 

(0.0

)%

 

 

(0.0

)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands):

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred Tax Assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

74,848

 

 

$

65,601

 

Operating lease right-of-use asset liability

 

 

3,638

 

 

 

4,414

 

Stock-based compensation

 

 

3,009

 

 

 

2,285

 

Intangible assets

 

 

621

 

 

 

704

 

Fixed assets

 

 

1,032

 

 

 

768

 

Accruals and reserves

 

 

1,234

 

 

 

1,074

 

Sec 174 Capitalized R&D

 

 

37,888

 

 

 

27,871

 

Tax credits

 

 

26

 

 

 

28

 

Gross deferred tax assets

 

 

122,296

 

 

 

102,745

 

Less: Valuation allowance

 

 

(119,293

)

 

 

(99,069

)

Deferred tax assets, net of valuation allowance

 

 

3,003

 

 

 

3,676

 

Deferred tax liabilities:

 

 

 

 

 

 

Operating lease right-of-use asset

 

 

(3,003

)

 

 

(3,676

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Balance at the beginning of the year

 

$

18,462

 

 

$

9,759

 

Adjustment based on tax positions related to prior year

 

 

 

 

 

5

 

Adjustment based on tax positions related to current year

 

 

7,908

 

 

 

8,698

 

Balance at the end of the year

 

$

26,370

 

 

$

18,462