Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of (Loss) Income from Continuing Operations Before Income Taxes

Loss before income taxes consisted of the following components (in thousands):

	Year Ended December 31,
	2024		2023
United States	$	(18,020)	$	(68,182)
Foreign		(896)		(863)
Total	$	(18,916)	$	(69,045)

Schedule of Components of Deferred Tax Assets

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

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	53,618	$	46,591
Capitalized research and development		24,045		21,431
Stock-based compensation		1,804		2,083
Depreciation and amortization		762		856
Lease accounting		13,505		13,899
Interest expense carryforward		1,292		—
Other		2,086		1,907
Total deferred tax assets before valuation allowance		97,112		86,767
Less: valuation allowance		(84,217)		(75,166)
Total deferred tax assets after valuation allowance		12,895		11,601
Deferred tax liabilities:
Right-of-use asset		(10,763)		(11,510)
In-process research and development		(3,077)		(3,077)
Debt basis differences		(1,991)		—
Other		(141)		(91)
Total deferred tax liabilities		(15,972)		(14,678)
Net deferred tax liability	$	(3,077)	$	(3,077)

Schedule of Reconciliation of Statutory to Effective Tax Rates

	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments for tax effects of:
State income taxes, net of federal tax	9.6	%	2.9	%
Stock-based compensation	(3.7)	%	(1.6)	%
Non-deductible debt items	25.3	%	(7.8)	%
Change in valuation allowance	(49.7)	%	(9.3)	%
Change in rate	0.5	%	(3.3)	%
Return to provision	(1.6)	%	(0.7)	%
Permanent differences and other	(1.4)	%	(1.2)	%
Effective income tax rate	(0.0)	%	(0.0)	%