Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

11. Income Taxes

During the three months ended March 31, 2024 and 2023, the Company recorded total income tax expense of approximately $428,000 and $160,000, respectively. The income tax expense is primarily attributable to state income tax and foreign income tax. Due to the Company’s history of cumulative operating losses, the Company concluded that, after considering all the available objective evidence, it is not more likely than not that all of the Company’s net deferred tax assets will be realized. Accordingly, all of the Company’s deferred tax assets, which includes net operating loss carryforwards and tax credits related primarily to research and development, continue to be subjected to a full valuation allowance as of March 31, 2024. The Company will continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets.

Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. As of March 31, 2024 and December 31, 2023, there were no accrued interest and penalties related to uncertain tax positions.