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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Component of Consolidated (Loss) Income Before Provision for Income Taxes | Consolidated (loss) income before provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. |  | $ | (6,275 | ) |  | $ | 292,460 |  |  | $ | 75,954 |
Non U.S. |  |  | 1,908 |  |  |  | 1,839 |  |  |  | 1,567 |
Total |  | $ | (4,367 | ) |  | $ | 294,299 |  |  | $ | 77,521 |
Components of Income Tax Provision | The components of the consolidated income tax provision for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | (178 | ) |  | $ | (165 | ) |  | $ | 345 |
State |  |  | 1,533 |  |  |  | 897 |  |  |  | 260 |
Non-US |  |  | 667 |  |  |  | 411 |  |  |  | 203 |
Total current tax expense |  |  | 2,022 |  |  |  | 1,143 |  |  |  | 808 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |  |  |  | - |
State |  |  | - |  |  |  | - |  |  |  | - |
Non-US |  |  | - |  |  |  | - |  |  |  | - |
Total deferred tax expense |  |  | - |  |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 2,022 |  |  | $ | 1,143 |  |  | $ | 808 |
Difference Between Consolidated Income Tax Benefit and Amount Computed by Federal Statutory Income Tax Rate | The difference between the consolidated income tax provision and the amount computed by applying the federal statutory income tax rate to the consolidated income before income taxes in the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax provision (benefit) at federal statutory rate |  | $ | (917 | ) |  | $ | 61,775 |  |  | $ | 16,397 |
State tax |  |  | 574 |  |  |  | (2,942 | ) |  |  | 3,576 |
Business credits |  |  | (2,050 | ) |  |  | (3,246 | ) |  |  | (982 | )
Uncertain tax positions |  |  | 334 |  |  |  | 586 |  |  |  | 424 |
Deferred compensation charges |  |  | 830 |  |  |  | (473 | ) |  |  | 131 |
Change in valuation allowance |  |  | 1,466 |  |  |  | (324 | ) |  |  | (86,847 | )
Section 162(m) limitation |  |  | 1,963 |  |  |  | 1,779 |  |  |  | 1,241 |
Mark-to-market of warrants |  |  | - |  |  |  | (378 | ) |  |  | 10,364 |
Net operating loss and tax credit limitation |  |  | - |  |  |  | (56,908 | ) |  |  | 56,459 |
Other (1) |  |  | (518 | ) |  |  | 879 |  |  |  | (290 | )
Foreign taxes |  |  | 340 |  |  |  | 395 |  |  |  | 335 |
Total income tax expense |  | $ | 2,022 |  |  | $ | 1,143 |  |  | $ | 808 |
(1) Certain prior year amounts have been reclassified to conform to the current year presentation. In 2022 and 2021, Foreign taxes were included in Other.
Component of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 96,336 |  |  | $ | 113,228 |
Research credit carryforwards |  |  | 34,940 |  |  |  | 33,444 |
Section 174 capitalization |  |  | 22,556 |  |  |  | 15,308 |
Lease liability |  |  | 8,868 |  |  |  | 9,530 |
Stock compensation |  |  | 10,572 |  |  |  | 7,780 |
Accruals and reserves |  |  | 15,808 |  |  |  | 9,089 |
Other |  |  | 348 |  |  |  | 337 |
Total deferred tax assets |  |  | 189,428 |  |  |  | 188,716 |
Less valuation allowance |  |  | (180,387 | ) |  |  | (178,920 | )
Net deferred tax assets |  |  | 9,041 |  |  |  | 9,796 |
Deferred tax liabilities: |  |  |  |  |  |
Fixed assets |  |  | (2,667 | ) |  |  | (2,916 | )
Operating lease right-of-use assets |  |  | (6,345 | ) |  |  | (6,785 | )
Other |  |  | (29 | ) |  |  | (95 | )
Total deferred tax liabilities |  |  | (9,041 | ) |  |  | (9,796 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | (11,339 | ) |  | $ | (5,615 | )
Tax positions related to the current year |  |  |  |  |  |
Additions |  |  | (762 | ) |  |  | (670 | )
Reductions |  |  | - |  |  |  | - |
Tax positions related to the prior year |  |  |  |  |  |
Additions |  |  | - |  |  |  | (5,054 | )
Reductions |  |  | - |  |  |  | - |
Settlements |  |  | - |  |  |  | - |
Lapses in statute |  |  |  |  |  | - |
Balance at end of year |  | $ | (12,101 | ) |  | $ | (11,339 | )

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