INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

Reconciliation of Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:

	Years Ended December 31,
	(In thousands)
	2023			2022			2021
Benefit at U.S. federal statutory rate	$	(5,930	)	$	(13,840	)	$	(15,046	)
State taxes - deferred		(763	)		(1,773	)		(252	)
Increase in valuation allowance		4,696			15,117			14,619
Research and development credits		-			(211	)		(240	)
Decrease in federal net operating loss		-			-			624
162(m) disallowance		1,183			862			64
Other		814			(155	)		231
Benefit for income taxes	$	-		$	-		$	-

Deferred Tax Assets

A summary of the Company’s deferred tax assets is as follows:

	Year Ended December 31,
	2023			2022
Federal and state net operating loss carryforwards	$	77,757		$	81,526
Federal and state research credits		140			407
Interest expense limitation carryforwards		21,165			12,194
Transaction costs		778			882
Deferred revenue		434			480
Accrued expenses and other		1,148			1,236
Total gross deferred tax assets		101,422			96,725
Less: valuation allowance for deferred tax assets		(101,422	)		(96,725	)
Net deferred tax assets	$	-		$	-