Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Significant components of the Company’s deferred income taxes at December 31, 2024 and 2023 are shown below (table in thousands):

	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	23,672		$	22,005
Compensation		666			583
Research and development tax credits		3,543			3,196
Capitalized and Research Expenditures		6,935			5,288
Other		789			848
Total deferred tax assets		35,605			31,920

Deferred tax liabilities:
Property and equipment		(16	)		(29	)
Other		(371	)		(410	)
Total deferred tax liabilities		(387	)		(439	)

Total deferred taxes, net		35,218			31,481
Valuation allowance		(35,218	)		(31,481	)

Deferred tax liability, net	$	-		$	-

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	2024			2023

Statutory federal income tax rate		21.0	%		21.0	%
Research credits		1.9	%		2.8	%
Change in valuation allowance		(20.1	)%		(21.9	)%
Equity compensation		(0.3	)%		(0.4	)%
Foreign rate differential		1.3	%		0.6	%
Other tax, credit and adjustments		(3.8	)%		(2.1	)%
Effective income tax rate		0.0	%		0.0	%