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 Income Tax Provision

The components of the income tax provision are as follows:

 

      2024       2023  
      Year Ended December 31,  
      2024       2023  
Current expense (benefit):                
Federal   $     $  
State     4        
Foreign            
Total current expense (benefit):   $ 4     $  
                 
Deferred expense (benefit):                
Federal   $

(84

)   $  
State            
Foreign            
Total deferred expense (benefit):   $ (84 )   $  
                 
Total income tax expense (benefit):   $ (80 )   $  
Schedule of Effective Income Tax Rate Reconciliation

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

 

    2024     2023  
    Year Ended December 31,  
    2024     2023  
Income at U.S. Statutory Rate     21.00 %     21.00 %
State Taxes, net of Federal benefit     6.53 %     7.91 %
Permanent Differences     (1.87 )%     (1.20 )%
Tax Credits     0.00 %     2.49 %
Valuation Allowance     (25.35 )%     (30.20 )%
Discrete Items     0.02 %     0.00 %
Effective income tax rate     0.33 %     0.00 %
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2024 and 2023 consist of the following:

 

    2024     2023  
    Year Ended December 31,  
    2024     2023  
Share-based Compensation   $ 5,282     $ 5,383  
Depreciation and Amortization     451       (23 )
Accrued Liability     279       307  
Net Operating Loss Carry-forwards     28,270       25,146  
R&D Credit Carryforwards     4,469       4,432  
R&D Section 174 Costs     7,511       5,953  
Other     31       1  
IPR&D     (637 )     (851 )
ROU Asset     (476 )     (870 )
ROU Liability     811       996  
Total Deferred tax assets   $ 45,991     $ 40,474  
Valuation allowance     (46,248 )     (40,815 )
Net deferred tax asset (liability)   $ (257 )   $ (341 )