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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Income taxes
8.Income taxes

 

The tax provisions for the three and six months ended June 30, 2024 and 2023 were computed using the estimated effective tax rates applicable to the taxable jurisdictions for the full year. The Company’s tax rate is subject to management’s quarterly review and revision, as necessary. The Company’s effective tax rate was 0% for the three and six months ended June 30, 2024, respectively. The Company paid less than $0.1 million in income taxes for the three and six months ended June 30, 2024, respectively. There were no income taxes paid by the Company for the three and six months ended June 30, 2023.

 

The Company records a provision or benefit for income taxes on pre-tax income or loss based on its estimated effective tax rate for the year. Given the Company’s uncertainty regarding future taxable income, the Company maintains a full valuation allowance on its deferred tax assets. The Company did not record any income tax benefit for the three months ended June 30, 2024, and it recorded an income tax benefit of less than $0.1 million for the six months ended June 30, 2024 and for the three and six months ended June 30, 2023. During the three and six months ended June 30, 2023 the Company had a valuation allowance only against its deferred tax assets in Spain.