Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company recorded a provision for income taxes of $0.1 million for the three and six months ended June 30, 2024, and a benefit and provision for income taxes of approximately zero for the three and six months ended June 30, 2023, respectively. The effective tax rate was (0.6)% and (0.5)% for the three and six months ended June 30, 2024, respectively, and the effective tax rate was 0.0% and (0.1)% for the three and six months ended June 30, 2023, respectively.

The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising in that quarter. The Company’s effective tax rate differs from the U.S. statutory tax rate in the three and six months ended June 30, 2024 primarily due to changes in valuation allowances on deferred tax assets as it is more likely than not that some or all of the Company’s deferred tax assets will not be realized.

The Company evaluates its tax positions on a quarterly basis and revises its estimate accordingly. There were no material changes to the Company’s uncertain tax positions, interest, or penalties during the three and six months ended June 30, 2024.