Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Provision for Income Tax

Income before income tax expenses consisted of the following for the year ended:

(in thousands)	December 31, 2023		December 31, 2022
United States	$	22,481	$	81,269
Foreign	230		(2,700)
Income before income tax expenses	$	22,711	$	78,569

Schedule of Federal and State Income Tax Expense

The federal, state, and foreign income and deferred tax expenses are summarized as follows for the year ended:

(in thousands)	December 31, 2023		December 31, 2022
Current
Federal	$	—	$	—
State	20		3
Foreign	139		—
Total current tax expenses	$	159	$	3
Deferred
Federal	$	—	$	—
State	—		—
Foreign	(1,246)		—
Total deferred tax benefits	$	(1,246)	$	—
Total tax expenses	$	(1,087)	$	3

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred taxes are as follows for the year ended:

(in thousands)	December 31, 2023		December 31, 2022
Deferred tax assets
Net operating loss carryforwards	$	34,076	$	27,210
Available for sale marketable securities	825		2,064
Lease liabilities	1,050		532
Other	51		36
Fixed assets and intangibles	445		25
Capitalized research and development costs	4,456		1,929
Stock Compensation	2,806		1,544
Total deferred tax assets	$	43,709	$	33,340
Deferred tax liabilities
ROU asset	$	(1,012)	$	(515)
Other	(16)		—
Fixed assets and intangibles	—		(479)
Total deferred tax liabilities	$	(1,028)	$	(994)
Valuation allowance	$	(41,420)	$	(32,346)
Net deferred taxes	$	1,261	$	—

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 for the year ended:

	December 31, 2023		December 31, 2022
Statutory rate	21.0	%	21.0	%
State tax	(12.2)		1.1
Foreign tax	0.6		—
Warrants and other equity items	(65.3)		(28.7)
Valuation allowance	46.8		6.4
Other	0.5		0.7
Foreign rate differential	0.6		(0.2)
Stock-based compensation	3.2		(0.3)
Total	(4.8)	%	—	%

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

	December 31, 2023		December 31, 2022
Statutory rate	$	4,769	$	16,500
State tax	(2,761)		875
Foreign tax	139		—
Warrants and other equity items	(14,808)		(22,559)
Valuation allowance	10,629		5,040
Other	98		502
Foreign rate differential	128		(148)
Stock-based compensation	719		(207)
Total	$	(1,087)	$	3