INCOME TAX (Tables) - 10K

3 Months Ended

Mar. 31, 2024

Schedule of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income tax Rate

A reconciliation of income tax expense (benefit) at the US federal statutory income tax rate and the income tax provision in the financial statements is as follows:


	December 31,
	2023		2022
Expected income tax benefit at the federal statutory rate	21.0	%	21.0	%
State and local taxes, net of federal benefit	8.4		7.7
Non-deductible items and other	(12.1)		(11.0)
Research and development credits	1.1		—
Change in valuation allowance	(18.4)		(17.7)
Total	—	%	—	%

Schedule of Deferred Tax Assets

The principal components of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Federal and state net operating loss carryforwards	$	12,848	$	3,211
Share based compensation	166		177
Accruals and other	255		16
Lease liabilities	—		20
Capitalized research and development costs	1,099		91
Research and development tax credits	153		—
Gross deferred tax assets	14,521		3,515
Less: deferred tax liabilities	—		(19)
Less: valuation allowance	(14,521)		(3,496)
Net deferred tax assets	$	—	$	—