Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022, respectively:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Current provision	$	—	$	—	$	—
Deferred expense	—		—		—
Provision for income taxes	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes was different from the amount computed using the federal statutory rate of 21% for the years ended December 31, 2024, 2023, and 2022, respectively, due to the following:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Income tax provision at federal statutory rate (21%)	$	(9,032)	$	(44,806)	$	(71,157)
Hong Kong rate differential	(24)		(59)		—
162(m) Limitation	4,297		1,488		—
Warrant expense	10		18		(189)
Meals and entertainment	23		27		21
Stock based compensation	7,495		16,408		7,989
Prior year true-up	(7,637)		(221)		(30,646)
Other, net	965		(231)		317
Valuation allowance	3,903		27,376		93,665
Provision for income taxes	$	—	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

Principal components of net deferred tax balances at December 31, 2024 and 2023, respectively, were as follows:

	Year ended December 31,
	2024		2023
	(in thousands)
Deferred income tax assets:
Net operating loss carryforward (NOL)	$	319,934	$	320,416
Stock based compensation	71,475		66,251
Unpaid claim reserve discounting	475		420
Operating lease liabilities	696		290
Property and equipment, and intangible assets	257		1,590
Accruals	6,060		5,175
Goodwill	3,601		3,601
Other	583		800
Total deferred income tax assets	403,081		398,543
Less: valuation allowance	(400,809)		(396,906)
Total deferred income tax assets, net of valuation allowance	2,272		1,637
Deferred income tax liabilities:
Operating lease right-of-use assets	(484)		(672)
Nontaxable gain on deconsolidation of entity	(845)		(943)
Other	(943)		(22)
Total deferred income tax liabilities	(2,272)		(1,637)
Net deferred income tax assets	$	—	$	—