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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Loss before Income Taxes | The Company’s loss before income taxes for the years ended December 31, 2023 and 2022 is comprised of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  |
Domestic | $ | (47,703) |  |  | $ | (63,939) |  |  |
Foreign | 2,403 |  |  | (4,495) |  |  |
Loss before income taxes | $ | (45,300) |  |  | $ | (68,434) |  |  |
Summary of Provision for Income Taxes | The (benefit) provision for income taxes for the years ended December 31, 2023 and 2022 is comprised of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  |
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  |
State | 20 |  |  | 50 |  |  |
Foreign | 477 |  |  | 55 |  |  |
Total current | 497 |  |  | 105 |  |  |
Deferred: |  |  |  |  |
Federal | 9 |  |  | 15 |  |  |
State | — |  |  | — |  |  |
Foreign | 379 |  |  | (585) |  |  |
Total deferred | 388 |  |  | (570) |  |  |
(Benefit) Provision for income taxes | $ | 885 |  |  | $ | (465) |  |  |
Summary of Net Deferred Tax Assets | The Company’s net deferred tax liabilities consist of the following (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued expenses | $ | 1,175 |  |  | $ | 715 |
Provision for excess and obsolete inventory | 4,679 |  |  | 759 |
Capitalized research and experimental expenditures | 8,629 |  |  | 8,986 |
Convertible debt | 3,526 |  |  | 9,782 |
Depreciation and amortization | 1,725 |  |  | — |
Interest expense limitation | 18,689 |  |  | 12,722 |
Net operating loss and tax credit carryforwards | 114,813 |  |  | 112,297 |
Share-based compensation | 3,065 |  |  | 3,375 |
Right-of-use-asset | 2,209 |  |  | 2,294 |
Unrecognized tax benefits | — |  |  | 1,942 |
Deferred tax assets | 158,510 |  |  | 152,872 |
Valuation allowances | (155,158) |  |  | (145,431) |
Deferred tax assets, net of valuation allowances | 3,352 |  |  | 7,441 |
Deferred tax liabilities: |  |  |
Operating lease liability | (2,607) |  |  | (2,518) |
Acquired intangible assets | (555) |  |  | (599) |
Depreciation and amortization | — |  |  | (4,288) |
Unrealized foreign currency gains | (870) |  |  | (359) |
Deferred tax liabilities | (4,032) |  |  | (7,764) |
Deferred tax liabilities, net | $ | (680) |  |  | $ | (323) |
Summary of Provision for Income Taxes Reconciles to Amount Computed by Applying Statutory Federal Income Tax Rate | The (benefit) provision for income taxes reconciles to the amount computed by applying the statutory federal income tax rate of 21% in 2023 and 2022 to loss before income taxes as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  |
Federal tax benefit, at statutory rate | $ | (9,154) |  |  | $ | (14,371) |  |  |
State benefit, net of federal benefit | 711 |  |  | (370) |  |  |
Foreign tax rate difference | 148 |  |  | (259) |  |  |
Valuation allowance against future tax benefits | 9,727 |  |  | 13,564 |  |  |
Research and development credits | (760) |  |  | (2,222) |  |  |
Share-based compensation | 1,622 |  |  | 1,010 |  |  |
Non-deductible officers compensation | — |  |  | 108 |  |  |
True-up of prior year provisions | (1,474) |  |  | 2,123 |  |  |
Other | 65 |  |  | (48) |  |  |
(Benefit) Provision for income taxes | $ | 885 |  |  | $ | (465) |  |  |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Balance at December 31, 2021 | $ | 41,629 |
Increases related to current and prior year tax positions | 1,286 |
Balance at December 31, 2022 | 42,915 |
Increases related to current and prior year tax positions | 506 |
Decreases from lapses of statute of limitations and prior year tax positions | (30,782) |
Balance at December 31, 2023 | $ | 12,639 |

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