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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three and nine months ended September 30, 2024 and 2023, the Company's income tax (expense) benefit and effective tax rates are presented below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except for rate) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Income tax (expense) benefit |  | $ | — |  |  | $ | — |  |  | $ | (30) |  |  | $ | 33 |
Effective tax rate |  | — | % |  | — | % |  | 1 | % |  | — | %
The Company incurred pretax loss for the nine months ended September 30, 2024 and expects to incur pretax loss for the year ending December 31, 2024. As a result, the effective rate for the three and nine months ended September 30, 2024 would be zero as the resultant tax benefit was offset by a valuation allowance recorded as of September 30, 2024, However, the Company recorded out of period state income tax expense for the nine months ended September 30, 2024 resulting in the effective tax rate of 1% for this period. 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.

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