Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax Expense

The provision for income taxes differs from the amount computed at federal statutory rates as follows (in thousands):

	Year Ended December 31,
	2024		2023
Federal income tax at statutory rates	$	(2,637)	$	(6,907)
State income tax at statutory rates	(300)		(636)
Change in valuation allowance	3,958		4,487
Warrant (benefit) expense (1)	(1,952)		194
Transaction costs (2)	80		375
Stock-based compensation	865		2,101
Other	40		396
Total income tax provision	$	54	$	10

(1) Represents a permanent item attributed to common stock mark-to-market adjustments.

(2) Represents costs associated with the February 2023 and February 2024 preferred stock offerings and the July 2023 reverse stock split.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets (liabilities) are as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Accrued liabilities	$	1,408	$	2,509
Stock-based compensation	1,858		1,719
163(j) Interest expense limitation	2,137		1,823
Net operating loss carryforwards	46,734		43,726
174 Capitalization	4,486		4,195
Lease liability	42		289
Other	1,226		1,153
Litigation settlement	1,312		—
Total deferred income tax assets	$	59,203	$	55,414
Deferred tax liabilities:
ROU asset	(34)		(228)
Other	(109)		(23)
Total deferred tax liabilities	(143)		(251)
Valuation allowance	$	(59,060)	$	(55,163)
Net deferred tax asset (liability)	$	—	$	—