v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)

The Company recorded the below income tax expense (benefit) attributable to income from continuing operations for the year ending December 31, 2024 and December 31, 2023 as follows:

 

         
   December 31, 
   2024   2023 
   (In thousands, except percentages) 
Current          
Federal  $(7)  $  - 
State   21    - 
Foreign   (34)   - 
Current, Total   (20)   - 
Deferred          
Federal   -    - 
State   -    - 
Foreign   -    - 
Deferred, Total   -    - 
Total income tax expense  $(20)  $- 
Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the provision computed at the federal statutory rate to the Company’s provision (benefit) for income taxes as follows:

 

                   
   December 31, 
   2024   2023 
   (In thousands, except percentages) 
Tax at federal statutory rate  $(15,432)   (21.0)%  $(28,354)   (21.0)%
State, net of federal benefit   12,779    17.4%   (6,507)   (4.8)%
Stock based compensation   3,327    3.8%   967    0.7%
Fair value adjustments   (7,593)   (9.6)%   (3,555)   (2.4)%
Research and development credits   —    —%   (1,121)   (0.8)%
Section 382 Limitation   14,583    19.8%          
Other   (745)   (1.0)%   675    0.2%
Change in valuation allowance   (6,939)   (9.4)%   37,895    28.1%
Total provision for income taxes  $(20)   —%  $—    —%
Schedule of Components of Deferred Tax Assets and Liabilities

 

         
   December 31, 
   2024   2023 
   (In thousands) 
Deferred tax assets          
Net operating loss carryforwards  $81,649   $91,668 
Research and development tax credits   5,086    12,087 
Stock based compensation   5,866    6,162 
Lease liability   2,632    3,098 
Section 174 research and development capitalization   10,691    11,641 
Interest expense   7,157    3,063 
Other timing differences   8,754    1,408 
Total deferred tax assets  $121,835   $129,127 
Valuation allowance  $(118,783)  $(125,722)
Net deferred tax assets  $3,052   $3,405 
           
Deferred tax liabilities          
Fixed assets and intangibles  $(299)  $(364)
Right of use assets  $(2,753)  $(3,041)
Total deferred tax liabilities  $(3,052)  $(3,405)
Net deferred tax assets  $—   $— 
Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

 

         
   December 31, 
   2024   2023 
   (In thousands) 
Balance at beginning of year  $6,060   $4,750 
Additions based on tax positions related to the current year   (3,301)   1,310 
Balance at end of year  $2,759   $6,060