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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
United States and Foreign Components of Consolidated Loss Before Income Taxes | U.S and foreign components of consolidated loss before income taxes for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Loss before income taxes: |  |  |  |  |  |  |  |  |
U.S. |  | $ | (38,281 | ) |  | $ | (43,096 | ) |  | $ | (54,757 | )
Foreign |  |  | 959 |  |  |  | 759 |  |  |  | 700 |
Loss before income taxes |  | $ | (37,322 | ) |  | $ | (42,337 | ) |  | $ | (54,057 | )
Provision Benefit for Income Taxes | The provision for income taxes for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Provision for income taxes: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Foreign |  | $ | 285 |  |  | $ | 520 |  |  | $ | 274 |
Federal |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | 36 |  |  |  | 5 |  |  |  | — |
Total current |  |  | 321 |  |  |  | 525 |  |  |  | 274 |
Deferred: |  |  |  |  |  |  |  |  |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Federal |  |  | 2 |  |  |  | (18 | ) |  |  | 23 |
State |  |  | 2 |  |  |  | (19 | ) |  |  | 22 |
Total deferred |  |  | 4 |  |  |  | (37 | ) |  |  | 45 |
Provision for income taxes |  | $ | 325 |  |  | $ | 488 |  |  | $ | 319 |
Difference Between Provision for Income Taxes and Amounts Computed by Applying Federal Statutory Income Tax Rate to Loss before Taxes | The difference between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to loss before taxes for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory tax |  | $ | (7,838 | ) |  | $ | (8,891 | ) |  | $ | (11,352 | )
Federal research credits |  |  | (1,065 | ) |  |  | (1,874 | ) |  |  | (2,159 | )
State research credits |  |  | (642 | ) |  |  | (822 | ) |  |  | (767 | )
Expiration of federal carryovers |  |  | 7,284 |  |  |  | 4,858 |  |  |  | 4,651 |
Change in valuation allowance |  |  | 1,361 |  |  |  | 6,379 |  |  |  | 10,482 |
Compensation related items |  |  | 3,257 |  |  |  | 1,794 |  |  |  | 460 |
State taxes |  |  | (1,710 | ) |  |  | (1,127 | ) |  |  | (1,294 | )
Revision to prior year items |  |  | (664 | ) |  |  | — |  |  |  | — |
Other |  |  | 342 |  |  |  | 171 |  |  |  | 298 |
Provision for income taxes |  | $ | 325 |  |  | $ | 488 |  |  | $ | 319 |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities at December 31, 2023, 2022 and 2021, were as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 133,476 |  |  | $ | 136,632 |
Research and development credit carryforwards |  |  | 28,567 |  |  |  | 29,242 |
Capitalized research and development |  |  | 33,571 |  |  |  | 27,916 |
Compensation related items |  |  | 10,306 |  |  |  | 12,014 |
Operating leases |  |  | 3,462 |  |  |  | 3,786 |
Other |  |  | 9,823 |  |  |  | 9,056 |
Total deferred tax assets |  |  | 219,205 |  |  |  | 218,646 |
Valuation allowance |  |  | (216,888 | ) |  |  | (215,903 | )
Net deferred tax assets |  | $ | 2,317 |  |  | $ | 2,743 |
Deferred tax liabilities: |  |  |  |  |  |
Right-of-use assets |  | $ | 2,173 |  |  | $ | 2,610 |
Other |  |  | 209 |  |  |  | 194 |
Total deferred tax liabilities |  | $ | 2,382 |  |  | $ | 2,804 |
The valuation allowance increased by $1.0 million for the year ended December 31, 2023, compared to the increase of $6.4 million and $10.5 million for the years ended December 31, 2022 and 2021, respectively. The Company believes that, based on a number of factors, the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred tax assets such that a valuation allowance has been recorded. These factors include the Company’s history of net losses since its inception, the need for regulatory approval of the Company’s products prior to commercialization and expected near-term future losses. The Company expects to maintain a valuation allowance until circumstances change.
Gross Amounts and Dates of Expiration of Tax Credits and Carryovers |
|  |  |  |  | Expires |  |  | Expires |  |  | Expires |  |  | No |
|  | Total |  |  | 2024-2026 |  |  | 2027-2033 |  |  | 2034-2043 |  |  | Expiration |
Federal losses carryovers |  | $ | 590,870 |  |  | $ | 60,190 |  |  | $ | 191,075 |  |  | $ | 148,686 |  |  | $ | 190,919 |
California loss carryovers |  |  | 104,900 |  |  |  | — |  |  |  | 67,161 |  |  |  | 37,739 |  |  |  | — |
Other state loss carryovers |  |  | 44,257 |  |  |  | 115 |  |  |  | 1,685 |  |  |  | 31,503 |  |  |  | 10,954 |
Federal research credits |  |  | 16,758 |  |  |  | 1,403 |  |  |  | 1,808 |  |  |  | 13,547 |  |  |  | — |
California research credits |  |  | 14,948 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,948 |
Federal foreign tax credits |  |  | 610 |  |  |  | — |  |  |  | 610 |  |  |  | — |  |  |  | — |
Reconciliation of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Unrecognized tax benefits at beginning of period |  | $ | 8,652 |  |  | $ | 9,366 |
Decreases related to expired carryforwards |  |  | (1,126 | ) |  |  | (1,481 | )
Increases related to prior year tax positions |  |  | 100 |  |  |  | 258 |
Increases related to current year tax positions |  |  | 298 |  |  |  | 509 |
Unrecognized tax benefits at end of period |  | $ | 7,924 |  |  | $ | 8,652 |
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in its income tax expense. During the next twelve months, it is reasonably possible that the Company’s unrecognized tax benefit may decrease by as much as $0.3 million due to settlements in foreign tax jurisdictions. However, this may change as the Company continues to have ongoing negotiations with foreign taxing authorities throughout the year.

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