Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of (Loss) Income before Provision for Income Taxes

Loss before provision for income taxes was generated from the following sources (in thousands):


	Year Ended December 31,
	2024		2023
Domestic	$	(48,791)	$	(24,364)
Foreign	81		126
Total loss before provision for income taxes	$	(48,710)	$	(24,238)

Schedule of Income Tax Expense (Benefit)

A summary of the income tax expense is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	—
State	(10)		14
Foreign	37		154
Total current	27		168
Deferred:
Federal	(27)		9
State	(13)		(19)
Foreign	—		—
Total deferred	(40)		(10)
Total income tax (benefit) expense	$	(13)	$	158

Schedule of Federal Statutory Rate to Loss Before Income Taxes

A reconciliation of the provision for income taxes to the amount of income tax expense that would result from applying the federal statutory rate to the loss before income taxes is as follows:


	Year Ended December 31,
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State tax, net of federal benefit	4.2		2.0
Equity compensation	(1.6)		(2.3)
International tax items	(0.5)		(1.6)
Foreign taxes	(0.1)		(0.6)
Debt extinguishment loss	—		(3.5)
State net operating loss true-up	2.2		(2.9)
Miscellaneous	0.2		(1.2)
Change in valuation allowance	(26.1)		(9.1)
Effect of change in rate (state)	0.7		(2.5)
	—	%	(0.7)	%

Schedule of Components of Deferred Tax Assets and Liabilities

The major components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2024		2023
Deferred income tax assets
Net operating loss carry forwards	$	46,827	$	41,561
Intangibles	10,356		4,643
Research and development expenses	8,057		6,953
Credit carry forwards	2,478		2,479
Nondeductible accruals	294		405
163j limitation	89		87
Fixed assets	392		346
Equity-based compensation	111		404
State taxes	1,525		1,515
Total deferred income tax assets - net	70,129		58,393
Deferred income tax liabilities
Prepaid expenses	(85)		(82)
ASC 842 Lease Accounting	(11)		12
Unrealized translation gain/loss	(9)		(6)
Total deferred income tax liabilities - net	(105)		(76)
Valuation allowance	(70,152)		(58,485)
Net deferred income tax liabilities	$	(128)	$	(168)