Annual report [Section 13 and 15(d), not S-K Item 405]

Provision for Income Taxes (Tables)

v3.25.1
Provision for Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The Company’s effective income tax rate reconciliation is composed of the following for the periods presented:
Year Ended December 31,
2024 2023
Federal statutory rate 21.0  % 21.0  %
State income taxes, net of federal tax benefit (0.1) % —  %
Stock-based compensation (11.7) % (9.2) %
Remeasurement of derivative liabilities 7.6  % 0.1  %
Other (0.6) % —  %
Change in valuation allowance (16.3) % (12.0) %
Provision for income taxes (0.1) % (0.1) %
Schedule of Deferred Tax Assets and Liabilities
The components of net deferred tax assets are as follows (in thousands):
December 31,
2024 2023
Deferred tax assets:
Net operating loss carryforwards $ 131,563  $ 125,850 
Deferred revenue 1,546  1,745 
Inventory reserve and uniform capitalization 873  2,509 
Operating lease liabilities 3,557  4,364 
Accruals and other reserves 729  1,332 
Stock-based compensation 4,107  5,570 
Business interest carryforwards 10,127  7,660 
Depreciation and amortization 817  — 
Other 223  268 
Total deferred tax assets 153,542  149,298 
Less: valuation allowance (150,486) (145,711)
Total deferred tax assets, net of valuation allowance 3,056  3,587 
Deferred tax liabilities:
Operating lease right-of-use assets (3,056) (2,344)
Depreciation and amortization —  (1,243)
Total deferred tax liabilities (3,056) (3,587)
Net deferred tax assets $ —  $ — 
Schedule of Valuation Allowance
The following summarizes the activity related to valuation allowances on deferred tax assets:
December 31,
2024 2023
Valuation allowance, as of beginning of year $ 145,711  $ 139,033 
Valuation allowance established 5,346  5,947 
Changes to existing valuation allowances (571) 731 
Valuation allowance, as of end of year $ 150,486  $ 145,711