INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

The loss before income taxes and the related tax (benefit) expense is as follows:


	Year ended December 31,
(in thousands)	2023		2022
Income (loss) before income taxes:
Domestic	$	(28,459)	$	(23,472)
Foreign	7		279
Total loss before taxes	$	(28,452)	$	(23,193)

Current taxes:
Federal	$	(123)	$	—
State	2		13
Foreign	121		—
Total current taxes	$	—	$	13

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


	Year ended December 31,
	2023		2022
Federal income tax provision at statutory rate	21.00	%	21.00	%
State income tax provision, net of federal benefit	(0.01)	%	(0.04)	%



Permanent differences	(0.57)	%	(1.52)	%
Change in valuation allowances	(20.42)	%	(19.49)	%

Other	—	%	—	%
Effective income tax rate	—	%	(0.05)	%

The significant components of the Company's deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	72,508	$	72,903
Tax credit carryforwards	6,851		7,794
Section 174 expenses	7,775		3,529
Share-based compensation	1,988		2,061
Accrued expenses and other	651		586
Total gross deferred tax assets	89,773		86,873
Less - valuation allowance	(89,773)		(86,873)
Total deferred tax assets, net of valuation allowance	$	—	$	—
Deferred tax liabilities:
Other	—		—
Right of use assets	—		—
Total gross deferred tax liabilities	—		—
Net deferred tax assets	$	—	$	—

The following table summarizes the activity of the Company's unrecognized tax benefits (in thousands):


Balance at January 1, 2022	$	2,799
Additions for prior year positions	—
Additions for current year positions	55
Reductions related to expiration of statute of limitations	—
Balance at December 31, 2022	$	2,854
Additions for prior year positions	19
Additions for current year positions	105
Reductions related to expiration of statute of limitations	(520)
Balance at December 31, 2023	$	2,458