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

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of the provision for (benefit from) income taxes
The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
2024 2023 2022
Current
Federal $ —  $ —  $ — 
State 53  — 
Foreign 226  247  130 
Deferred
Federal —  —  — 
State —  —  — 
Foreign (46) (40) (26)
Total $ 189  $ 260  $ 104 
Loss before income tax
Loss before income taxes was as follows (in thousands):
Year Ended December 31,
2024 2023 2022
United States $ (28,776) $ (30,622) $ (49,551)
Foreign 619  (149) (83)
Total $ (28,157) $ (30,771) $ (49,634)
Reconciliation of effective tax rate
The following reconciles the differences between the federal statutory income tax rate in effect in each year to the Company’s effective tax rate:
Year Ended December 31,
2024 2023 2022
Statutory federal tax rate 21.00  % 21.00  % 21.00  %
State tax, net of federal tax effect 3.80  2.70  1.02 
Stock-based compensation
0.09  (5.86) (4.07)
Change in valuation allowance (32.87) (19.97) (17.94)
Other 7.31  1.29  (0.03)
Effective tax rate (0.67) % (0.84) % (0.02) %
Components of deferred tax assets and liabilities
The components of deferred tax assets and liabilities were as follows (in thousands):
December 31, 2024 December 31, 2023
Deferred tax assets:
Net operating losses $ 51,550  $ 44,357 
Sales and use tax reserves 197  187 
Stock-based compensation
2,914  2,112 
Compensation related accruals 1,307  1,749 
Interest expense limitations 309  396 
Leases - Right-of-use liability
10,749  11,702 
Other 327  168 
Fixed assets 651  1,013 
Capitalized research expenses 11,082  8,470 
Valuation allowance (64,119) (54,867)
Total deferred tax assets - net 14,967  15,287 
Deferred tax liabilities:
State taxes —  — 
Intangible assets (367) (266)
Leases - Right-of-use asset
(9,360) (10,309)
Deferred contract costs (5,129) (4,647)
Total deferred tax liabilities (14,856) (15,222)
Net deferred taxes assets $ 111  $ 65 
Activity of deferred tax asset valuation allowance
Activity of the deferred tax asset valuation allowance was as follows (in thousands):
Year Ended December 31,
2024 2023 2022
Balance at beginning of the year $ 54,867  $ 48,723  $ 40,101 
Charged to costs and expense 9,252  6,144  8,622 
Balance at end of the year $ 64,119  $ 54,867  $ 48,723