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

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

The components of the Company's net loss are as follows (in thousands):


	December 31,
	2024		2023
United States	$	(31,457)	$	(36,134)
United Kingdom		(8,720)		(8,455)
Australia		(32)		(15)
Total	$	(40,209)	$	(44,604)

SCHEDULE OF COMPONENTS OF NET DEFERRED TAX ASSET

Significant components of the Company’s net deferred tax asset are as follows (in thousands):


	December 31,
	2024			2023
U.S. and state net operating loss carryforwards	$	63,063		$	59,093
Foreign net operating loss carryforwards		13,686			11,558
Tax credit carryforward		11,013			9,826
Stock-based compensation		6,672			5,820
Capitalized research and development		9,890			6,368
Accrued expenses		312			897
Other temporary differences		1,000			1,376
Subtotal		105,636			94,938
Valuation allowance		(105,636	)		(94,938	)
Net deferred tax asset	$	—		$	—

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

Income tax benefits computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following:


	December 31,
	2024			2023
Tax provision at statutory rate		21.00	%		21.00	%
State income tax, net of federal benefit		2.30	%		5.94	%
Permanent differences		0.03	%		(0.28	)%
Foreign expected tax		0.87	%		4.46	%
Tax credits		(1.82	)%		2.46	%
Foreign income tax rate change		—	%		7.42	%
Equity compensation		0.25	%		—	%
GILTI		(1.09	)%		—	%
Revaluation of foreign deferred tax assets		5.57	%		—	%
Other		(0.52	)%		(11.09	)%
Change in valuation reserve		(26.59	)%		(29.91	)%
Total		—	%		—	%