Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

(Loss) Income from Continuing Operations Before Income Taxes

Loss before income taxes consisted of the following components (in thousands):

	Year Ended December 31,
	2023		2022
United States	$	(68,182)	$	(32,228)
Foreign		(863)		(4,689)
Total	$	(69,045)	$	(36,917)

Reconciliation of Statutory to Effective Tax Rates

	December 31,
	2023		2022
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments for tax effects of:
State income taxes, net of federal tax	2.9	%	7.3	%
Stock-based compensation	(1.6)	%	(0.2)	%
Change in valuation allowance	(9.3)	%	(28.6)	%
Debt extinguishment	(1.2)	%	0.0	%
Change in rate	(3.3)	%	0.0	%
Fair value adjustment on convertible debt	(6.6)	%	0.0	%
Other	(1.9)	%	0.5	%
Effective income tax rate	(0.0)	%	0.0	%

Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	46,591	$	42,525
Capitalized research and development		21,431		19,103
Stock-based compensation		2,083		3,192
Depreciation and amortization		856		929
Lease accounting		13,899		13,660
Other		1,907		1,452
Total deferred tax assets before valuation allowance		86,767		80,861
Less: valuation allowance		(75,166)		(68,818)
Total deferred tax assets after valuation allowance		11,601		12,043
Deferred tax liabilities:
Right-of-use asset		(11,510)		(12,043)
In-process research and development		(3,077)		(3,077)
Other		(91)		-
Total deferred tax liabilities		(14,678)		(15,120)
Net deferred tax liability	$	(3,077)	$	(3,077)