Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax benefit from continuing operations consists of the following:

	Year Ended December 31,
(In thousands)	2024		2023		2022
Current:
State	$	(26)	$	(46)	$	(11)
Total current tax provision	(26)		(46)		(11)
Deferred:
Federal	64		70		2,929
State	—		—		2,318
Total deferred tax provision	64		70		5,247
Income tax benefit	$	38	$	24	$	5,236

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	Year Ended December 31,
	2024		2023		2022
Federal statutory tax	21	%	21	%	21	%
State tax, net of federal benefit	6	%	4	%	11	%
Stock compensation	4	%	(5	%)	—	%
Sec. 162(m) limitation on executive compensation	(4	%)	(6	%)	(30	%)
Fair value change in contingent consideration	—	%	2	%	21	%
Tax credits	4	%	4	%	17	%
Change in valuation allowance	(27	%)	(24	%)	74	%
Gain on escrow settlement	—	%	5	%	—	%
Other	(4	%)	(1	%)	(6	%)
Total	—	%	—	%	108	%

Schedule of Deferred Tax Assets and Liabilities

The principal components of the Company’s net deferred tax liabilities are as follows as of December 31, 2024 and 2023:

(In thousands)	2024		2023
Deferred tax assets related to:
Net operating loss carryforwards	$	39,079	$	35,505
Capital loss carryforward	7,011		—
Tax credit carryforward	2,695		2,226
Stock-based compensation	2,141		3,008
Accruals and reserves	1,883		3,590
Inventory	1,410		1,408
Fixed assets	568		585
Lease liabilities	3,540		3,950
Capitalized research and development	3,222		4,818
Fair value change in investments	556		—
Other	1,084		875
Total deferred tax assets	63,189		55,965
Deferred tax liabilities related to:
Intangibles	(2,326)		(3,696)
Right-of-use assets	(2,654)		(2,500)
Fair value change in investments	—		(440)
Total deferred tax liabilities	(4,980)		(6,636)
Net deferred tax assets before valuation allowance	58,209		49,329
Less: valuation allowance	58,333		49,517
Net deferred tax liabilities	(124)		(188)
Less: deferred tax liability, discontinued operations	—		(74)
Net deferred tax liabilities, continuing operations	$	(124)	$	(114)

Schedule of Valuation Allowance

The changes in the valuation allowance for deferred tax assets were as follows:

(In thousands)	2024		2023		2022
Balance at beginning of period	$	49,517	$	33,402	$	2,993
Net deferred tax assets divested	(7,173)		—		—
Charged to income tax expense	15,989		16,115		30,409
Balance at end of period	$	58,333	$	49,517	$	33,402

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balances of uncertain tax positions in the years ended December 31, 2024 and 2023 is as follows:

(In thousands)	2024		2023
Balance at beginning of period	$	954	$	610
Increase related to prior year tax positions	—		20
Increase related to current year tax positions	201		324
Balance at end of period	$	1,155	$	954