Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of domestic and foreign components of loss before provision for income taxes

(in thousands)

    

2024

    

2023

Domestic

$

(51,253)

$

(18,562)

Foreign

 

(156)

 

(155)

Total

$

(51,409)

$

(18,717)

Schedule of components of the income tax expense

Year Ended

Year Ended

December 31, 

December 31, 

(in thousands)

    

2024

    

2023

Current:

 

  

 

  

Federal

$

$

State

 

4

Foreign

 

 

Total current provision for income taxes

$

$

4

Deferred:

 

 

Federal

 

 

State

 

 

Foreign

 

 

Total deferred provision for income taxes

 

 

Total

$

$

4

Schedule of deferred tax assets

    

Year Ended

    

Year Ended

December 31, 

December 31, 

2024

2023

Deferred tax assets:

Net operating loss

$

26,281

$

20,268

Accruals and reserves

 

152

 

840

Amortization of intangible assets

 

4,127

 

3,457

Stock based compensation

726

821

Lease liability

170

167

Other

 

8

 

3

Gross deferred tax assets

 

31,464

 

25,556

Valuation allowance

 

(31,291)

 

(25,335)

Total deferred tax assets

 

173

 

221

Deferred tax liabilities:

 

 

Prepaid expenses

 

(35)

 

(59)

Right-of-use assets

(138)

(162)

Other

Total deferred tax liabilities

 

(173)

 

(221)

Net deferred tax assets

$

$

Schedule of provision for income taxes

Year Ended December 31, 

 

    

2024

    

2023

 

Effective tax rate reconciliation:

 

  

 

  

Income tax provision at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

 

Other permanent differences

 

0.9

 

1.3

Change in fair value of warrants

 

(12.2)

 

Change in valuation allowance

 

(9.7)

 

(22.3)

Provision for income taxes

 

%  

%