Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Accrued compensation	$	271	$	296
Accrued other expense		—		123
Stock compensation		1,647		5,303
Start-up costs and other intangibles		12,230		13,727
Net operating losses		28,613		20,131
Lease liability		83		157
Other deferred assets		23		32
Capitalized Research and Development Expenses		11,264		6,387
		54,131		46,156
Less: valuation allowance		(53,978)		(45,929)
Total deferred tax assets		153		227
Deferred tax liabilities:
Depreciation		(75)		(89)
ROU Asset		(78)		(138)
Total deferred tax liabilities		(153)		(227)
Net deferred income taxes	$	—	$	—

Schedule of reconciliation of the difference between the provision (benefit) for income taxes and income taxes at the statutory U.S. federal income tax rate

	December 31,
	2023		2022
Income tax at statutory rate	21.0	%	21.0	%
Convertible notes	(11.1)		(1.8)
Contingent consideration	30.2		—
Forward purchase agreements	(11.5)		—
Warrants	1.3		—
Stock compensation	(2.0)		(0.5)
Officers compensation	(5.5)		—
Transaction costs	(7.9)		—
Change in valuation allowance	(14.5)		(18.7)
Effective tax rate	0.0	%	0.0	%

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of unrecognized tax benefits at the beginning and end of 2023 and 2022 is as follows (in thousands):

	December 31,
	2023		2022
Balance, beginning of year	$	11,061	$	7,270
Increases due to current year tax positions		3,609		3,791
Decreases due to prior year tax positions		—		—
Balance, end of year	$	14,670	$	11,061