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 Company's provision for income taxes from continuing operations for the years ended December 31, 2024 and 2023 was as follows:
Years Ended December 31,
2024 2023
(in thousands)
Current:
Federal $ —  $ — 
State 205  569 
Foreign 165  104 
Total current 370  673 
Deferred:
Federal —  — 
State —  — 
Total deferred —  — 
Total provision for income taxes $ 370  $ 673 
Schedule of Effective Income Tax Rate Reconciliation The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% to loss before income taxes due to the following items for the years ended December 31, 2024 and 2023:
Years Ended December 31,
2024 2023
(in thousands)
Tax benefit at federal statutory rate $ (11,938) $ (11,169)
Non-deductible compensation 171  2,342 
State tax, net of federal benefit (95) (9,393)
Valuation allowance 10,773  17,251 
Shortfall of stock compensation deduction 1,288  2,666 
Non-taxable warrants 591  (1,613)
Other (420) 589 
Income tax expense $ 370  $ 673 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities as of December 31, 2024 and 2023, consisted of the following:
December 31,
2024 2023
(in thousands)
Deferred tax assets:
Net operating loss carryforwards $ 73,482  $ 68,374 
Sec. 163(j) carryforward 11,603  9,214 
Accruals and reserves 1,664  1,841 
Deferred revenue 115  194 
Capital loss carryforward 3,993  4,004 
Section 174 - research expenditures 11,869  7,914 
Other deferred tax assets 7,223  6,604 
Total deferred tax assets 109,949  98,145 
Valuation allowance (108,162) (97,388)
Total net deferred tax assets 1,787  757 
Deferred tax liabilities
Basis difference in intangibles (1,233) (332)
Other deferred tax liabilities (554) (425)
Total deferred tax liabilities (1,787) (757)
Net deferred tax liabilities $ —  $ — 
Summary of Operating Loss Carryforwards
Tax Effected Expiration
(in thousands)
Federal net operating loss (“NOL”) carryforward $ 8,313  2033-2037
Federal NOL carryforward 54,595  Indefinite
Federal capital loss carryforward 3,993  2025
State NOL carryforwards 10,574  2034-2043
Schedule of Unrecognized Tax Benefits Roll Forward
Below is a tabular reconciliation of the total amounts of unrecognized tax benefits:
2024 2023
(in thousands)
Unrecognized tax benefits - January 1 $ 9,006  $ 9,006 
Gross decrease - tax positions in current period —  — 
Gross increase - tax positions in current period —  — 
Unrecognized tax benefits - December 31 $ 9,006  $ 9,006