INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Table 15.1: Components of Provision for Income Taxes
	For the Year Ended December 31,
	2024		2023
	(in thousands)
Current provision
Federal	$	—	$	—
State	21		(19)
Foreign	5		—
Total current	26		(19)
Deferred tax expense
Federal	46		32
State	(46)		23
Total deferred	—		55
Provision for income taxes	$	26	$	36

Schedule of Effective Income Tax Rate Reconciliation

Table 15.2: Reconciliation of Statutory Tax Rate to Actual Tax Rate
	For the Year Ended December 31,
	2024		2023
Computed expected income tax provision	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	3.3		3.6
Change in valuation allowance for deferred tax assets	(23.1)		7.5
Cumulative deferred adjustments	1.0		—
Provision to return adjustments	—		(0.1)
Other permanent differences	(0.1)		(0.2)
Stock-based compensation	(0.7)		(41.2)
Section 162(m) limitation - covered employees	(3.9)		9.5
Uncertain tax positions	(0.5)		0.5
R&D credit	2.9		(0.7)
Effective tax rate	(0.1	%)	(0.1	%)

Schedule of Deferred Tax Assets and Liabilities

Table 15.3: Components of Deferred Tax Assets and Liabilities
	As of December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Accounts receivable, principally due to allowance for doubtful accounts	$	14	$	70
Allowance for inventory obsolescence and amortization	60		203
Accrued liabilities not currently deductible	763		1,133
Stock-based compensation	2,734		1,352
Accrued compensation	783		2,457
Lease liabilities	2,594		2,906
Goodwill	28,122		30,947
Capitalized research and development costs	10,116		2,992
Net operating loss carryforwards - federal	15,101		8,402
Net operating loss carryforwards - state	2,672		1,522
R&D tax credit	4,856		3,647
Amortization and depreciation	—		252
Total gross deferred tax assets	67,815		55,883
Less valuation allowance	(67,117)		(54,999)
Total deferred tax assets, net of valuation allowance	698		884
Deferred tax liabilities:
Right-of-use assets	(1,510)		(1,697)
Amortization and depreciation	(1)		—
Total deferred tax liabilities	(1,511)		(1,697)
Net deferred tax liabilities	$	(813)	$	(813)

Components of Valuation Allowance

Table 15.4: Valuation Allowance Activity
	For the Year Ended December 31,
	2024		2023
	(in thousands)
Balance at beginning of year	$	54,999	$	57,559
Additions (reductions)	12,118		(2,560)
Balance at end of year	$	67,117	$	54,999

Schedule of Unrecognized Tax Benefits Roll Forward

Table 15.5: Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefit
	For the Year Ended December 31,
	2024		2023
	(in thousands)
Balance at beginning of year	$	1,228	$	1,357
Increase (decrease) in prior year tax positions	123		(169)
Increase related to current year tax positions	177		131
Decrease related to lapse of statutes	(13)		(91)
Balance at end of year	$	1,515	$	1,228