Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

14. Income Taxes

The Company recorded $4.7 million of an income tax benefit and $1.5 million of income tax expense for the three months ended September 30, 2023 and 2022, respectively. The Company recorded $6.9 million of income tax benefit and $1.5 million of income tax expense for the nine months ended September 30, 2023 and 2022, respectively. The tax benefit for the nine months ended September 30, 2023 was due to foreign income taxes. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its domestic net deferred tax assets, which remain fully reserved.

The domestic net deferred tax asset generated from the Company's net operating loss has been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforward will not be realized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.