Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Summary of components of pretax loss from operations

The components of pretax loss from operations for the years ended December 31, 2024 and 2023 are as follows `(dollars in thousands):

	2024				2023
	Successor		Predecessor		Predecessor
Years ended December 31,	July 31 to December 31		January 1 to July 30		January 1 to December 31
U.S.	$	(76,889)	$	—	$	(36,517)
Foreign		(22)		—		(73)
Pretax loss from operations	$	(76,911)	$	—	$	(36,590)

Summary of reconciliation of income tax computed at the U.S. federal statutory tax rate to the total income tax expense

The following table presents a reconciliation of income tax computed at the U.S. federal statutory tax rate to the total income tax benefit for the years ended December 31, 2024 and 2023 (dollars in thousands):

	Years Ended December 31
	2024								2023
	Successor				Predecessor				Predecessor
	July 31 to December 31				January 1 to July 30				January 1 to December 31
Years ended December 31,	Amount		Tax Rate		Amount		Tax Rate		Amount		Tax Rate
Income tax benefit at federal statutory rate	$	(16,151)	21.0	%	$	—	—	%	$	(7,684)	21.0	%
Adjustments for tax effects of:
Permanent adjustments		687	(0.9)	%		—	—	%		448	(1.2)	%
Goodwill impairment		6,368	(8.3)
Change in FV of convertible note		(627)	0.8	%		—	—	%		1,456	(4)	%
Change in FV of warrant liability		(1,421)	1.8	%		—	—	%		—	—	%
NOL true-up adjustment		—	—	%		—	—	%		2,922	(8)	%
Foreign rate differential		2	—	%		—	—	%		(11)	(0.0)	%
Change in federal valuation allowance		9,230	(12.0)	%		—	—	%		2,869	(7.8)	%
Income tax benefit	$	(1,912)	2.4	%	$	—	—	%	$	—	—	%

Summary of components of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):

	December 31, 2024		December 31, 2023
Deferred tax assets:	Successor		Predecessor
Net operating losses	$	30,454	$	25,786
Capitalized research costs		5,596		4,456
Research and development credit		1,604		1,604
Accrued compensation		482		392
Stock-based compensation		11		269
Operating lease liabilities		30		14
State taxes		130		—
Other		297		114
Total deferred tax assets		38,604		32,635
Less: Valuation allowance		(36,857)		(32,100)
Total deferred tax assets, net of valuation allowance		1,747		535
Deferred tax liabilities:
Right-of-use assets		(29)		(14)
Intangible assets		(2,080)		—
Unrecognized tax benefit		(521)		(521)
Total deferred tax liabilities		(2,630)		(535)
Net deferred tax liabilities	$	(883)	$	—

Summary of changes to unrecognized tax benefits

The following table summarizes the changes to unrecognized tax benefits as of December 31, 2024 and 2023 (in thousands):

	2024				2023
	Successor		Predecessor		Predecessor
Years ended December 31,	July 31 to December 31		January 1 to July 30		January 1 to December 31
Balance at beginning of year	$	521	$	—	$	321
Gross increases – tax positions during the year		—		—		200
Balance at end of year	$	521	$	—	$	521