Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The income tax (benefit) provision for the years ended December 31, consists of the following (in thousands):

	2023		2022		2021
Current:
Federal	$	3	$	—	$	—
State	(10)		—		56
Foreign	11		66		104
Current income tax provision	$	4	$	66	$	160
Deferred:
Federal	$	78	$	(95)	$	61
State	—		(4)		(81)
Foreign	(4)		—		(2)
Deferred income tax (benefit) provision	74		(99)		(22)
Total income tax (benefit) provision	$	78	$	(33)	$	138

Components of Income Before Taxes

The components of loss before income taxes for the years ended December 31, were as follows (in thousands):

	2023		2022		2021
Domestic	$	(109,491)	$	(79,262)	$	(68,534)
Foreign	19		291		380
Loss before income taxes	$	(109,472)	$	(78,971)	$	(68,154)

Provision for Income Tax Rate to Statutory Rate Reconciliation

he reconciliation of the (benefit) provision for income taxes at the U.S. federal statutory income tax rate of 21% to the Company’s income tax (benefit) provision for the years ended December 31, is shown below (in thousands):

	2023		2022		2021
Benefit at statutory rate	$	(22,989)	$	(16,584)	$	(14,312)
State taxes, net of federal benefit	(2,747)		(1,367)		(1,139)
Foreign rate differential	3		5		8
Nondeductible (benefits) expenses	(293)		43		420
Unrecognized tax benefits including interest and penalties	—		—		6
Unbenefited losses	28,250		11,582		14,770
Valuation allowance	1,381		7,397		380
Change in value of warrants	844		(1,144)		—
Research & Development Tax Credit	(4,057)		—		—
Other	(314)		35		5
Income tax (benefit) provision	$	78	$	(33)	$	138

Principal Components of the Company's Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):

	2023		2022
Deferred tax assets:
Capitalized research & experimental expenditures	$	11,827	$	7,158
Accruals not yet tax deductible	1,585		615
Stock compensation	1,490		524
Net operating loss and credit carryforwards	4		—
UNICAP	91		1
Amortization, book in excess of tax	1,018		946
Lease liability	458		733
Deferred tax assets before valuation allowance	16,473		9,977
Less: Valuation allowance	(9,693)		(8,312)
Total deferred tax assets	6,780		1,665
Deferred tax liabilities:
Depreciation, tax in excess of book	$	(5,961)	$	(620)
Amortization, tax in excess of book	(468)		(349)
Right-of-use asset	(440)		(711)
Total deferred liabilities	(6,869)		(1,680)
Net deferred tax liability	$	(89)	$	(15)

Summary of Unrecognized Tax Benefits

The Company recognizes interest and penalties related to unrecognized tax benefits in the income tax (benefit) provision. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):

	2023		2022
Unrecognized tax benefits, beginning of period	$	162	$	—
Increase (decrease) in unrecognized tax benefits for tax positions take in prior period	(162)		162
Unrecognized tax benefits, end of period	$	—	$	162