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 Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of the Company's deferred tax assets and liabilities are as follows:

Year Ended December 31,
(in thousands)
2024 2023
Currently reportable expense
Federal
 $ — $ —
State
 — —
— —
Deferred benefit:
Federal
 22,737 24,610
State
 8,356 10,032
31,093 34,642
Less: Valuation allowance (31,093) (34,642)
Total provision for income tax expense $ — $ —
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate:
Year Ended December 31,
2024 2023
Federal statutory income tax rate 21.0% 21.0%
State tax 5.5% 6.4%
Stock-based compensation 0.1% (2.6)%
Non-deductible expenses (0.8)% 3.4%
Research and development credit —% (0.3)%
Change in valuation allowance (25.8)% (27.9)%
Effective tax rate —  % —  %
Schedule of Deferred Tax Assets and Liabilities
December 31,
(in thousands)
2024 2023
Gross deferred tax assets arising from:
Net operating loss carryforwards $ 81,865 $ 51,490
ASC 842 lease liability 3,838 3,846
Acquired intangibles 10,672 11,576
Accruals and reserves 11,688 11,780
Capitalized research expenditures 7,592 4,662
Research and development credit carryforward 269 —
Gross deferred tax assets 115,924 83,354
Less: Valuation allowance (97,220) (66,129)
Deferred tax assets, net of valuation allowance 18,704  17,225 
Deferred tax liabilities arising from:
ASC 842 right-of-use asset (2,924) (3,077)
Fixed assets and land (15,780) (14,148)
Gross deferred tax liabilities (18,704) (17,225)
Net deferred tax liabilities $ — $ —