Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before (Provision) Benefit for Income Tax

Income before income tax (provision) benefit consisted of the following for the years ended:

(in thousands)	December 31, 2024		December 31, 2023
United States	$	(84,452)	$	22,481
Foreign	1,424		230
(Loss) income before income tax (provision) benefit	$	(83,028)	$	22,711

Schedule of Federal and State Income Tax (Provision) Benefit

The federal, state, and foreign income and deferred tax (provision) benefit are summarized as follows for the years ended:

(in thousands)	December 31, 2024		December 31, 2023
Current
Federal	$	—	$	—
State	(29)		(20)
Foreign	—		(139)
Total current tax (provision) benefit	(29)		(159)
Deferred
Federal	—		—
State	—		—
Foreign	(640)		1,246
Total deferred tax (provision) benefit	(640)		1,246
Total income tax (provision) benefit	$	(669)	$	1,087

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred taxes are as follows as of:

(in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets
Net operating loss carryforwards	$	45,734	$	34,076
Available for sale marketable securities	288		825
Lease liabilities	945		1,050
Other	263		51
Fixed assets and intangibles	—		445
Capitalized research and development costs	7,715		4,456
Stock Compensation	1,636		2,806
Total deferred tax assets	56,581		43,709
Valuation allowance	(53,775)		(41,420)
Deferred tax liabilities
ROU asset	(835)		(1,012)
Other	—		(16)
Fixed assets and intangibles	(1,350)		—
Total deferred tax liabilities	(2,185)		(1,028)
Net deferred tax assets	$	621	$	1,261

Schedule of Effective Tax Rate

The effective tax rate of the Company’s income tax (provision) benefit differs from the federal statutory rate as follows for the years ended:

	December 31, 2024				December 31, 2023
(in thousands, except percentages)	Amount		Percent		Amount		Percent
Statutory rate	$	17,436	(21.0)	%	$	(4,769)	(21.0)	%
State tax	(1,764)		2.1	%	2,761		12.2	%
Foreign tax	—		—	%	(139)		(0.6)	%
Valuation allowance	(12,843)		15.5	%	(10,629)		(46.8)	%
Other	(321)		0.4	%	(98)		(0.5)	%
Warrants and other equity items	(825)		1.0	%	14,808		65.3	%
Foreign rate differential	(78)		0.1	%	(128)		(0.6)	%
Stock-based compensation	(2,274)		2.7	%	(719)		(3.2)	%
Total	$	(669)	0.8	%	$	1,087	4.8	%