v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
For financial reporting purposes, loss before provision for income taxes, includes the following components (in thousands):
Year Ended December 31,
20242023
Domestic
$(25,729)$(30,191)
Foreign
(5,409)(5,001)
Loss before provision for income taxes
$(31,138)$(35,192)
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following (in thousands):
Year Ended December 31,
20242023
Current:
Federal
$119 $553 
State
12 2 
Foreign
2,369 1,122 
Total current
2,500 1,677 
Deferred:
Federal
— — 
State
— — 
Foreign
— — 
Total Deferred tax
— — 
Provision for income taxes
$2,500 $1,677 
Schedule of Effective Income Tax Rate Reconciliation
Income tax (provision) benefit related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:
Year Ended December 31,
20242023
U.S. Federal (provision) benefit
At Statutory Rate
21.0 %21.0 %
State Taxes
1.6 %1.3 %
Valuation Allowance
(26.3)%(20.9)%
Foreign Tax Differential
(2.7)%(3.4)%
Tax Credits
4.1 %2.2 %
Stock Based Compensation
(2.3)%(3.6)%
Foreign Earnings and Adjustments
2.2 %1.6 %
Foreign Withholding Tax
(5.4)%(1.6)%
Other
(0.2)%(1.4)%
Total
(8.0)%(4.8)%
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
Year Ended December 31,
20242023
Deferred Tax Assets:
Federal & State NOL carryforward
$1,632 $1,337 
Research & Other credits
9,238 8,425 
Capitalized R&D16,561 12,821 
Deferred revenue
12,150 9,838 
Reserves and accruals
1,493 1,192 
Stock-based compensation
1,188 1,387 
Other intangibles
681 549 
Lease liabilities
491 498 
Total Gross Deferred tax asset
43,434 36,047 
Less: Valuation allowance
(41,505)(33,768)
Total Deferred tax assets
$1,929 $2,279 
Deferred Tax Liabilities:
Other intangibles$(354)$(417)
Property and equipment
(585)(903)
Prepaid expenses
(544)(480)
Right-of-use assets
(446)(479)
Total Gross Deferred tax liabilities
$(1,929)$(2,279)
Net Deferred tax assets
$— $— 
 
Schedule of Unrecognized Tax Benefits
The Company has the following activity relating to unrecognized tax benefits (in thousands):
Year Ended December 31,
20242023
Beginning balance
$3,480 $2,595 
Gross increases—Tax Positions in Prior Periods
— 429 
Gross decreases—Tax Positions in Prior Periods
(356)— 
Gross increases—Tax Positions in Current Period
445 456 
Ending balance
$3,569 $3,480