XML 61 R45.htm IDEA: XBRL DOCUMENT v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Current and Deferred Tax Provision

A summary of the Company’s current and deferred tax provision is as follows:

 

   2024   2023 
   Year Ended December 31, 
   2024   2023 
Current income tax expense:          
Federal  $—   $— 
State   —    10 
Total current income tax expense   —    10 
Deferred income tax expense (benefit):          
Federal   1    1 
State   (1)   (1)
Total deferred tax expense   —    — 
Total income tax expense  $—   $10 
Schedule of Reconciliation of the U.S federal statutory income tax

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

 

   2024   2023 
   Year Ended December 31, 
   2024   2023 
Federal statutory income tax rate   21.0%   21.0%
State income taxes, net of federal benefits   (1.3)%   1.4%
Interest accretion expense   0.1%   11.0%
Change in valuation allowance   (20.1)%   (20.0)%
Mark to market warrant   —%   0.5%
Deferred true-up   (0.1)%   (2.4)%
Impairment   —%   (12.0)%
Other permanent items   0.4%   0.5%
Effective income tax rate   —%   —%
Schedule of Deferred tax assets and liabilities

Net deferred income tax liabilities as of December 31, 2024 and 2023 consisted of the following:

 

   2024   2023 
   Year Ended December 31, 
   2024   2023 
Deferred tax assets:          
Net operating loss carryforwards  $121,804   $109,544 
Research and development tax credit carryforwards   5,674    5,674 
Stock-based compensation expense   17,717    16,539 
Startup costs   431    498 
Intangible assets   3,028    3,442 
Deferred revenue   1,469    1,441 
Unicap   5    5 
Imputed interest on contingent payments   97    110 
Legal fee capitalization and amortization   1,053    1,171 
Capitalized research and development   22,903    26,613 
IRC Section 163j interest   

1,471

    

—

 
Other   5,755    4,751 
Total deferred tax assets   181,407    169,788 
Valuation allowance   (181,416)   (169,797)
Net deferred tax liabilities  $(9)  $(9)
Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

 

  

Unrecognized

Tax Benefits

 
Balance at January 1, 2023  $1,028 
Decrease related to current year tax provision   — 
Balance at December 31, 2023   1,028 
Decrease related to current year tax provision   — 
Balance at December 31, 2024  $1,028