Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Summary of Significant components of the Company's deferred tax assets

Significant components of the Company’s deferred tax assets for federal income taxes consisted of the following (in thousands):

	December 31,
	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	61,427	$	55,091
Interest expense carryforward		523		—
Research and development credits		830		623
Lease liability		557		387
Capitalized research and development expenses		4,845		1,743
Accrued expenses and other		3,535		2,682
Inventory reserve		289		372
Gross deferred tax asset		72,006		60,898
Deferred tax liabilities
Depreciation and amortization		(436)		(435)
Right of use asset		(484)		(302)
Gross deferred tax liability		(920)		(737)
Net deferred tax asset before valuation allowance		71,086		60,161
Valuation allowance		(71,086)		(60,161)
Net deferred tax asset	$	—	$	—

Schedule of Company's net operating loss (NOL) carryforwards

The Company’s net operating loss (“NOL”) carryforwards for federal and state income tax purposes consisted of the following (in thousands):

	December 31,
	2023		2022
NOL carryforwards
Federal	$	239,417	$	212,314
State		196,132		173,472

Schedule of reconciliation of income tax benefit

	Year ended December 31,
	2023		2022		2021
Rate reconciliation
Federal tax benefit at statutory rate	(21.0)	%	(21.0)	%	(21.0)	%
State rate, net of federal benefit	(3.1)		(3.1)		(3.5)
Permanent differences	0.7		0.6		0.2
Research and development	(0.4)		—		0.4
Change in valuation allowance	23.4		23.4		24.2
Other	0.4		0.1		(0.3)
Total tax provision	—	%	—	%	—	%