v3.25.3
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets
The components of the Company’s net deferred tax assets and related valuation allowance are as follows as of December 31, 2024 and 2023 (in thousands):
 
    
Year Ended December 31,
  
    
  2024  
     
  2023  
  
Deferred tax assets:
      
Net operating loss carryforwards
    $ 14,517      $ 13,710  
Research and development tax credits
      1,319        1,319  
Capitalized research expenditures
      807        648  
Other
      720        841  
  
 
 
     
 
 
  
Gross deferred tax assets
      17,363        16,518  
Valuation allowance
      (17,363 )       (16,518 ) 
  
 
 
     
 
 
  
Deferred tax assets net of valuation allowance
      —         —   
Deferred tax liabilities
      —         —   
  
 
 
     
 
 
  
Net deferred tax assets
    $ —       $ —   
  
 
 
     
 
 
  
Schedule of Reconciliation of Effective Income Tax Rate
The reconciliation between U.S. federal income taxes at the statutory rate and the Company’s provision for income taxes are as follows for the years ended December 31, 2024 and 2023:
 
    
Year Ended December 31,
  
    
  2024  
    
  2023  
  
Statutory federal income tax rate
      21.0 %      21.0 % 
Equity compensation
      (3.0 )      (5.4 ) 
Change in valuation allowance
      (18.0 )      (15.6 ) 
  
 
 
    
 
 
  
Effective income tax rate
      —  %      —  % 
  
 
 
    
 
 
  
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31, 2024 and 2023 (in thousands):
 
    
Year Ended December 31,
  
    
  2024  
     
  2023  
  
Gross unrecognized tax benefits at the beginning of the year
    $  354      $  354  
  
 
 
     
 
 
  
Gross unrecognized tax benefits at the end of the year
    $ 354      $ 354