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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of loss before income taxes | Loss before income taxes consists of:
| For the Year Ended December 31,
| 2023 |  | 2022
Domestic | $ | (41,303) |  |  | $ | (34,547) |
Foreign | (6,375) |  |  | (1,960) |
Income before taxes | $ | (47,678) |  |  | $ | (36,507) |
Income tax reconciliation | The provision for income taxes differs from the amount computed by applying the statutory rate as follows:
| For the Year Ended December 31,
| 2023 |  | 2022
Income taxes using U.S federal statutory rate | $ | (10,012) |  |  | $ | (7,666) |
Nondeductible interest | 127 |  |  | 139 |
Branch income | (1,230) |  |  | (385) |
State income taxes, net of federal benefit | (31) |  |  | (531) |
Foreign rate differential | 506 |  |  | 165 |
Valuation allowance | 7,099 |  |  | 9,221 |
Stock option expense, exercises and cancellations | 2,899 |  |  | 752 |
Research and development costs | (859) |  |  | (708) |
Other | (179) |  |  | (987) |
Derivative Charge | 1,680 |  |  | — |
| $ | — |  |  | $ | — |
Significant components of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Employee compensation accruals | $ | 1,377 |  |  | $ | 2,772 |
Accrued liabilities | 54 |  |  | 197 |
Research tax credits | 2,330 |  |  | 1,429 |
Lease obligation | 4 |  |  | 38 |
Other | 233 |  |  | 160 |
Research expense capitalization | 5,441 |  |  | 3,203 |
Net operating losses | 29,875 |  |  | 24,595 |
Total deferred tax assets | $ | 39,314 |  |  | $ | 32,394 |
| For the Year Ended December 31,
| 2023 |  | 2022
Deferred tax liabilities: |  |  |
Right of use asset | $ | 13 |  |  | $ | 50 |
Total deferred tax liabilities | 13 |  |  | 50 |
Valuation allowance | 39,301 |  |  | 32,344 |
Net deferred tax assets | $ | — |  |  | $ | — |
Summary of change in valuation allowance | The change in valuation allowance is as follows:
| December 31,
| 2023 |  | 2022
Beginning Balance | $ | 32,344 |  |  | $ | 23,125 |
Charged to costs and expenses | 7,099 |  |  | 9,221 |
Charged to other comprehensive income | (142) |  |  | (2) |
Ending balance | $ | 39,301 |  |  | $ | 32,344 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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