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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three and six months ended June 30, 2023 and 2022, the Company's income tax expense and effective tax rates were:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except for rate)2023202220232022
Income tax benefit$— $— $(33)$— 
Effective tax rate— %— %— %— %
The Company incurred pretax loss for the six months ended June 30, 2023 and expects to incur pretax loss for the year ending December 31, 2023. As a result, the effective rate for the three and six months ended June 30, 2023 was zero as the resultant tax benefit was offset by a valuation allowance recorded as of June 30, 2023.
The Company assesses a valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize deferred tax assets, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating income taxes, the Company assesses the relative merits and risks of the appropriate income tax treatment of transactions taking into account statutory, judicial and regulatory guidance.