Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Reconciliation of Differences between United States Statutory Federal Income Tax Rate and Effective Tax Rate

A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows:

	Year Ended December 31,
	2022			2021
Tax computed at the federal statutory rate		21	%		21	%
Section 382 NOL limitation		(42.6	)		—
Nondeductible expenses		(1.3	)		—
State income taxes, net of federal benefits		0.2			1.3
Stock-based compensation		—			(2.6	)
Tax exempt income		—			1.7
Other		0.4			—
Change in valuation allowance		22.3			(21.4	)
		—			—

Summary of Federal and State Income Tax Provision

The federal and state income tax provision is summarized as follows (in thousands):

	Year Ended December 31,
	2022		2021
Current
Federal	$	—	$	—
State		3		4
		3		4
Deferred
Federal		—		—
State		—		—
		—		—
Income tax expense	$	3	$	4

Significant Components of Deferred Tax Assets (Liabilities)

The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	518		$	9,706
Stock-based compensation		5,162			4,605
Capitalized research and development		1,528			—
Reserves		95			169
Intangible assets		35			56
Accrued legal settlement		1,355			—
Operating lease liabilities		—			556
Accrued compensation		—			399
Other accruals		1			71
Total gross deferred tax assets		8,694			15,562
Deferred tax liabilities:
Property and equipment		—			(348	)
Operating lease right-of-use assets		—			(518	)
Other		—			—
Total gross deferred tax liabilities		—			(866	)
Valuation allowance		(8,694	)		(14,696	)
Total deferred taxes	$	—		$	—