Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are as follows:


Expense classification:	Year Ended December 31,
	2023		2022
Current
Federal	$	245	$	—
State	—		—
Total	245		—
Deferred
Federal	—		—
State	—		—
Total	—		—
Provision for Income Tax	$	245	$	—

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Accounts receivable	$	4	$	177
Inventory	345		449
Accrued expenses	73		1,063
NOL carryforwards	27,120		32,197
Interest limitation imposed by the TJCA	9,880		10,667
Stock Compensation	6,529		5,813
Deferred Revenue	7,662		2,326
Royalty Monetization	16,750		17,139
Property and equipment	2,756		2,576
Orphan Drug and R&D Tax Credits	4,805		5,625
Accrued debt fees	—		697
Intangible Assets	154		1,731
Section 174 R&D Capitalization	5,039		3,770
Royalty Obligations	3,520		—
Other	58		82
	84,695		84,312
Deferred tax liabilities:

481(a) adjustment	(193)		—
Prepaid expenses	(449)		(524)
	(642)		(524)
Valuation Allowance	(84,053)		(83,788)

Net deferred tax asset/(liability)	$	—	$	—

Schedule of Income Tax Benefit Reconciliation

A reconciliation of income tax benefit and the amount computed by applying the statutory federal income tax rates of 21% to loss before taxes for the year ended December 31, 2023 and 2022, respectively, as follows:


	Year Ended December 31,
	2023		2022
Income taxes at statutory rate	21.00	%	21.00	%
Increase (decrease) resulting from:
State income tax	4.00		4.23
Permanent differences	(0.43)		(0.20)
Tax credits	—		0.20
Valuation allowance	(26.53)		(20.69)
Return to provision	(3.28)		0.11
State rate change	(1.78)		(4.67)

FDII Deductions	3.80		—
Effective tax rate	(3.22)	%	(0.02)	%