Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Provision for Income Tax

Income before provision for income taxes consisted of the following:

(in thousands)	December 31, 2022		December 31, 2021
United States	$	81,269	$	43,645
International	(2,700)		(1,555)
Income before provision for income taxes	$	78,569	$	42,090

Schedule of Federal and State Income Tax Expense

The federal and state income tax expense is summarized as follows:

(in thousands)	December 31, 2022		December 31, 2021
Current
Federal	$	—	$	—
State	3		3
International	—		—
Total current tax expense	$	3	$	3
Deferred
Federal	$	—	$	—
State	—		—
International	—		—
Total deferred tax expense	$	—	$	—
Total tax expense	$	3	$	3

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company's deferred taxes are as follows:

(in thousands)	December 31, 2022		December 31, 2021
Deferred tax assets
Net operating loss carryforwards	$	27,210	$	24,899
Available for Sale Securities	2,064		390
Lease liability	532		341
Other	1,580		230
Fixed assets and intangibles	25		89
Capitalized research and development costs	1,929		—
Total deferred tax assets	$	33,340	$	25,949
Deferred tax liabilities
ROU asset	$	(515)	$	(344)
Fixed assets and intangibles	(479)		—
Total deferred tax liabilities	$	(994)	$	(344)
Valuation allowance	$	(32,346)	$	(25,605)
Net deferred taxes	$	—	$	—

Schedule of Effective Tax Rate

The effective tax rate of the Company's provision (benefit) for income taxes differs from the federal statutory rate as follows:

	December 31, 2022		December 31, 2021
Statutory rate	21.0	%	21.0	%
State tax	1.1		(1.3)
Warrants, BCF, and other equity items	(28.7)		(33.3)
Valuation allowance	6.4		15.6
Other	0.7		(0.2)
Foreign rate differential	(0.2)		(0.2)
Stock-based compensation	(0.3)		(1.6)
Total	—	%	—	%

The effective tax rate of the Company's provision (benefit) for income taxes differs from the federal statutory rate as follows:

	December 31, 2022		December 31, 2021
Statutory rate	$	16,500	$	8,833
State tax	875		(563)
Warrants, BCF, and other equity items	(22,559)		(14,002)
Valuation allowance	5,040		6,552
Other	502		(72)
Foreign rate differential	(148)		(85)
Stock-based compensation	(207)		(660)
Total	$	3	$	3