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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following (in thousands):

						Year Ended December 31,
						2022						2021
Current:
Federal						$	—					$	—
State						24						27
Total current						24						27
Deferred:
Federal						(137)						137
State						(169)						11
Total deferred						(306)						148
Provision (benefit) for income tax						$	(282)					$	175

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of our provision for income taxes differs from the federal statutory rate as follows:

						Year Ended December 31,
						2022						2021
Federal statutory tax rate						(21.0)		%				(21.0)		%
State income taxes, net of federal tax benefits						(4.3)		%				(3.8)		%
Research and development tax credits						(1.5)		%				(1.2)		%
Stock compensation						1.4		%				0.9		%
Non-deductible expenses						0.9		%				1.1		%
Change in valuation allowance						23.9		%				24.6		%
Effective tax rate						(0.6)		%				0.6		%

Schedule of Deferred Tax Assets and Liabilities

If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense.

						December 31,
						2022						2021
Deferred tax assets:
Net operating loss carryforwards						$	29,789					$	22,365
Research and development tax credits						2,216						1,102
Accruals, reserves and other						349						1,055
Interest expense						2,236						1,953
Indefinite lived assets						362						—
Stock compensation						1,606						1,407
Lease liability						1,374						—
Capitalization of research and experimentation costs						2,047						—
Total gross deferred tax assets						39,979						27,882
Less: valuation allowance						(38,567)						(27,158)
Deferred tax assets, net						1,412						724
Deferred tax liabilities:
Financing and acquisition-related liabilities						—						(335)
Indefinite lived assets						—						(521)
Right of use assets						(1,206)						—
Basis differences in fixed and intangible assets						(206)						(175)
Deferred tax liabilities, net						(1,412)						(1,031)
Net deferred tax liabilities						$	—					$	(307)

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2022 and 2021, which related primarily to increases in net operating loss (NOL) carryforwards, research and development tax credits, capitalization of research and experimentation costs, and impairment of goodwill were as follows (in thousands):

						December 31,
						2022						2021
Valuation allowance at the beginning of the year						$	27,158					$	20,596
Increases recorded to income tax provision						11,409						6,562
Valuation allowance at the end of the year						$	38,567					$	27,158

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-SubTopic 10
-Section 50
-Paragraph 2
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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.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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