Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Provision for Income Taxes (All Current)

The (benefit) provision for income taxes, all classified as current, consists of the following (in thousands):

	Year Ended December 31,
	2023		2022
Federal	$	—	$	(15)
State		—		—
Total	$	—	$	(15)

Reconciliation Between the Tax Provision Computed at the Federal Statutory Income Tax Rate and Actual Effective Income Tax Rate

	Year Ended December 31,
	2023		2022(1)
Federal tax at statutory rate	21	%	21	%
Stock compensation and other permanent differences	(1)	%	—	%
Nondeductible executive compensation	(1)	%	(1)	%
Valuation allowance	(19)	%	(20)	%
Total	—	%	—	%

(1) Presentation for the fiscal year ended 2022 adjusted to conform with the fiscal year ended 2023

Components of Net Deferred Tax Assets

The significant components of net deferred tax assets at December 31, 2023 and 2022 were as follows (in thousands):

	December 31,
	2023		2022
Capitalized research and development expenses	$	2,336	$	4,732
Net operating loss carryforwards		30,130		23,974
Research and development and other tax credit carryforwards		13,176		13,176
Stock compensation		5,864		4,715
Unearned revenue		1,984		2,408
Royalty Receivable		4,080		466
Other		756		858
Total deferred tax assets		58,326		50,329
Valuation allowance		(58,326)		(50,329)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the Company’s activity related to its unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2023		2022
Balance at January 1	$	5,938	$	5,938
Increase related to current year tax position		—		—
Increase related to prior year tax position		—		—
Balance at December 31	$	5,938	$	5,938