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 |
)
|
|
| NorthView Acquisition Corp [Member] |
|
| Income Taxes [Line Items] |
|
| Schedule of Effective Tax Rate and the Federal Statutory Income Tax Rate |
A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Statutory federal income tax rate
|
|
21.0 |
%
|
|
21.0 |
%
|
|
Prior Year Trueup
|
|
0.00 |
|
|
0.00 |
|
|
Change in fair value of warrant liabilities
|
|
(18.7 |
)
|
|
(11.4 |
)
|
|
Business combination expenses
|
|
0.00 |
|
|
5.8 |
|
|
Penalties and interest
|
|
0.00 |
|
|
0.2 |
|
|
Change in valuation allowance
|
|
(3.0 |
)
|
|
12.6 |
|
|
Income tax provision
|
|
(0.90 |
)%
|
|
28.2 |
%
|
|
| Schedule of Provision for Income Taxes |
The income tax provision consists of the following:
|
|
|
For the
Year Ended
December 31,
2024
|
|
For the
Year Ended
December 31,
2023
|
|
Federal
|
|
|
|
|
|
|
|
|
|
Current
|
|
$
|
94,174 |
|
|
$
|
480,069 |
|
|
Deferred
|
|
|
(271,945 |
)
|
|
|
(226,991 |
)
|
| |
|
|
|
|
|
|
|
|
|
State
|
|
|
|
|
|
|
|
|
|
Change in valuation allowance
|
|
|
258,284 |
|
|
|
203,712 |
|
|
Income tax provision
|
|
$
|
80,513 |
|
|
$
|
456,790 |
|
|
| Schedule of Deferred Tax Assets |
The Company’s net deferred tax assets are as follows:
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Deferred tax asset/(liability)
|
|
|
|
|
|
|
|
|
|
Organizational costs/Startup expenses
|
|
$
|
694,480 |
|
|
$
|
436,196 |
|
|
Unrealized gain/loss – Trust
|
|
|
—
|
|
|
|
(13,661 |
)
|
|
Net deferred tax asset
|
|
|
694,480 |
|
|
|
422,535 |
|
|
Valuation allowance
|
|
|
(694,480 |
)
|
|
|
(436,196 |
)
|
|
Deferred tax (liability), net of allowance
|
|
$
|
—
|
|
|
$
|
(13,661 |
)
|
|