Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Effective Income Tax Rate Reconciliation

The components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):


	2023		2022

Statutory federal income tax rate	$	(2,213)	$	(1,592)
State taxes, net of federal tax benefit	(350)		(131)
Change in valuation allowance	1,888		1,543
Loss on debt extinguishment	475		—
Federal return to provision	87		—
Other permanent items	113		180
Provision for income taxes	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets are as follows (in thousands):


	2023		2022

Deferred tax assets:
Net operating loss carryforwards	$	8,612	$	8,055
Capitalized research expense	1,782		823
Share based compensation	1,011		602
Research and development credits	596		636
Lease liability	43		30
Gross deferred tax assets	12,044		10,146
Less valuation allowance	(12,005)		(10,116)
Total deferred tax assets	39		30

Deferred tax liabilities:
Right of use assets	(39)		(30)
Total deferred tax liabilities	(39)		(30)
Deferred income taxes, net	$	—	$	—