Summary of Components of Income Tax Expense

The significant components of the provision for income taxes are as follows:


	Year Ended December 31,
	2024		2023
Current expense:
Federal	$	—	$	221
State		13		19
Foreign		—		40
Total current expense:		13		280
Deferred expense:
Federal		—		—
State		—		—
Foreign		—		—
Total deferred expense:		—		—
Total income tax provision:	$	13	$	280

Summary of Total Deferred Tax Assets

The significant components of the Company’s deferred tax assets and liabilities for the years ended December 31, 2024 and 2023 are shown below (in thousands):


	Year Ended December 31,
	2024			2023
Deferred tax assets
Net operating losses	$	26,334		$	23,957
Intellectual property sale		3,405			3,405
Capitalized R&D		4,185			2,915
Other		994			438

Total deferred tax assets		34,918			30,715
Less: valuation allowance		(34,779	)		(30,590	)
Total net deferred tax assets		139			125
Deferred tax liabilities
Operating lease right-of-use assets		(139	)		(58	)

Other		—			(67	)
Total deferred tax liabilities		(139	)		(125	)

Total net deferred taxes	$	—		$	—

Summary of Changes in Balance of Gross Unrecognized Tax Benefits

The following table summarizes the changes to the Company’s gross unrecognized tax benefits (in thousands):


Unrecognized tax benefit	Amount
Balance at December 31, 2022	$	123
Additions based on tax positions related to the current year		115
Additions based on tax positions of prior years		—
Reductions for tax positions of prior years		—
Settlements		—

Balance at December 31, 2023		238
Additions based on tax positions related to the current year		75
Additions based on tax positions of prior years		—
Reductions for tax positions of prior years		—
Settlements		—

Balance at December 31, 2024	$	313

Summary of Components of Income Tax Expense

The components of income tax expense (benefit) were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Current
Federal	$	34	$	(237	)
State		118		68

Total current provision (benefit)	$	152	$	(169	)

Summary of Total Deferred Tax Assets

The Company’s total deferred tax assets are as follows (in thousands):


	December 31,
	2024			2023
Deferred tax asset:
Federal net operating loss carryforward	$	40,218		$	29,529
State net operating loss carryforward		13,145			8,581
R&D credit carryforwards		16,339			14,589
Capitalized start-up costs		176			196
Accruals and reserves		492			802
Stock-based compensation		2,444			2,381
Lease liability		2,078			2,934
Capitalized R&E		38,007			44,366

Total deferred tax asset		112,899			103,378
Deferred tax liability:
Fixed assets	$	(140	)	$	(603	)
Right-of-use asset		(1,004	)		(1,554	)

Total deferred tax liability		(1,144	)		(2,157	)

Net deferred tax asset and liability before valuation allowance		111,755			101,221
Valuation allowance		(111,755	)		(101,221	)

Net deferred tax asset	$	—		$	—