Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For the three months ended June 30, 2024 and 2023, income tax expenses recorded by the Company were $0.5 million and $0.3 million, respectively. For the six months ended June 30, 2024 and 2023, income tax expenses recorded by the Company were $0.8 million and $0.4 million, respectively. As of June 30, 2024, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets would not be realized.

In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income or loss, adjusted for discrete items, if any, arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance.