v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Line Items]  
Schedule of Effective Tax Rate and the Federal Statutory Income Tax Rate The following table presents the principal reasons for the difference between the effective tax rate and the federal statutory income tax rate (in thousands):
   Year Ended December 31 
   2024   2023 
Tax benefit at U.S. federal statutory rate   21.00%   (1,941)   21.00%   (2,159)
State Tax, net of federal benefit   14.58%   (1,347)   0.14%   (14)
Permanent difference   (0.06)%   6    (0.06)%   6 
Prior-Year deferred taxes adjustment   0.32%   (30)   (0.57)%   58 
Change of valuation allowance   (35.84)%   3,312    (20.51)%   2,109 
Effective income tax rate   0.00%   
—
    0.00%   
—
 
Schedule of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

 

   Year Ended
December 31,
 
   2024   2023 
Current:        
Federal  $
—
   $
—
 
State   
—
    
—
 
Foreign   
—
    
—
 
    
—
    
—
 
           
Deferred:          
Federal   (1,607)   2,127 
State and local   (1,705)   (18)
    (3,312)   2,109 
Less: change in valuation allowance   3,312    (2,109)
Total provision for income taxes  $
—
   $
—
 
Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2024 and 2023 were as follows (in thousands):

 

   Year Ended
December 31,
 
   2024   2023 
Deferred tax assets:        
Accrued expenses & other  $70   $38 
Depreciation and amortization   7    2 
Stock based compensation   52    38 
Convertible debt   93    5 
Capitalized R&D   1,549    1,542 
Net operating loss carryforward   32,173    29,033 
R&D credit carryforward   3,511    3,485 
Other   
—
    
—
 
    37,455    34,143 
Less: valuation allowance   (37,455)   (34,143)