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Income Taxes (Tables)

12 Months Ended

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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