Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Components of Income (Loss) before Income Taxes

The following table presents U.S. and foreign components of income (loss) before income taxes (in thousands):

	Year Ended December 31,
	2023			2022			2021
U.S.	$	(40,349	)	$	(24,508	)	$	(51,488	)
Foreign		(3,339	)		391			381
Loss before income taxes	$	(43,688	)	$	(24,117	)	$	(51,107	)

Summary of Income Tax Expense

The following table presents the detail of income tax benefit (expense) for the periods presented (in thousands):

	Year Ended December 31,
	2023			2022			2021
Current:
U.S. - Federal	$	—		$	—		$	—
U.S. - State		(163	)		(68	)		(8	)
Foreign		(446	)		(110	)		(137	)
		(609	)		(178	)		(145	)
Deferred:
U.S. - Federal		(53	)		5			(7	)
U.S. - State		—			(11	)		(1	)
Foreign		984			—			—
		931			(6	)		(8	)
Total income tax expense	$	322		$	(184	)	$	(153	)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table presents a reconciliation of the federal statutory rate and our effective tax rate for the periods presented:

	Year Ended December 31,
	2023			2022			2021
U.S. Statutory Rate		21.0	%		21.0	%		21.0	%
Change in valuation allowance		(42.0	)		(54.7	)		(33.3	)
State taxes (net of federal benefit)		0.1			0.4			0.2
Federal research and development credit		18.6			16.5			8.5
Stock-based compensation		10.4			16.1			10.2
Inducement premium		—			5.0			(4.7	)
Unrecognized tax benefits		(4.7	)		(4.1	)		(2.1	)
Other, net		(2.8	)		(1.0	)		(0.1	)
Effective income tax rate		0.7	%		(0.8	%)		(0.3	%)

Summary of Significant Components Deferred Tax Assets and Liabilities

Deferred federal, state and foreign income taxes reflect the net tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for tax purposes. The following

table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands):

	December 31, 2023			December 31, 2022
Net operating loss carryforwards	$	49,228		$	53,157
Credit carryforwards		22,971			16,868
Capitalized research and development		32,988			17,072
Operating lease liabilities		2,569			3,011
Allowances		1,624			1,398
Deferred revenue		48			74
Stock-based compensation		6,351			6,041
Disallowed interest expense		—			676
Inventory cost capitalization		1,433			791
Deferred tax assets		117,211			99,088
Less: Valuation allowance		(114,040	)		(95,710	)
Net deferred tax assets		3,171			3,378
Deferred tax liability:
Goodwill		(823	)		(796	)
Depreciation and amortization		(3,326	)		(475	)
Operating lease ROU assets		(1,933	)		(2,226	)
Deferred tax liabilities		(6,082	)		(3,497	)
Net deferred tax liability	$	(2,911	)	$	(119	)

Total Balance of Unrecognized Tax Benefits

The following table presents the total balance of unrecognized tax benefits as of the dates presented (in thousands):

	Year Ended December 31,
	2023		2022		2021
Balance at beginning of period	$	5,606	$	4,609	$	3,519
Gross increase to tax positions in current periods		2,034		997		1,090
Balance at end of period	$	7,640	$	5,606	$	4,609