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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | 17. INCOME TAXES The Company’s loss before income taxes was $30.2 million, $37.2 million, $31.2 million for the years ended December 31, 2023, 2022, and 2021, respectively, and was generated entirely in the United States. The Company did not record current or deferred income tax expense or benefit during the years ended December 31, 2023, 2022, and 2021. A reconciliation of the statutory United States federal income tax rate to the Company’s effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Tax Year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
U.S. federal statutory income tax rate | ​ | 21.0 | % | 21.0 | % | 21.0 | %
State and local taxes, net of federal benefit |  | 4.2 | % | (0.9) | % | 5.5 | %
Nondeductible expenses |  | 0.5 | % | (2.3) | % | 10.6 | %
Research and development credits |  | (0.3) | % | — | % | — | %
Tax rate change and true-up |  | 0.8 | % | (1.5) | % | 0.8 | %
Net operating loss | ​ | (0.6) | % | — | ​ | — | ​
Change in valuation allowance |  | (25.6) | % | (16.3) | % | (37.9) | %
Effective income tax rate |  | — | % | — | % | — | %
​ ​ The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 82,179 | ​ | $ | 76,013
Research and development credits | ​ |  | 2,923 | ​ |  | 3,008
Share-based compensation | ​ |  | 2,538 | ​ |  | 2,273
Accruals | ​ |  | 1,161 | ​ |  | 1,379
Interest expense | ​ |  | 4,451 | ​ |  | 3,807
Lease liability | ​ |  | 782 | ​ |  | 929
Capitalized start-up costs | ​ |  | — | ​ |  | 215
Capitalized R&D costs | ​ | ​ | 3,790 | ​ | ​ | 2,165
Other temporary differences | ​ |  | 1,032 | ​ |  | 1,000
Gross deferred tax assets | ​ |  | 98,856 | ​ |  | 90,789
Less: Valuation allowance | ​ |  | (94,473) | ​ |  | (86,733)
Total deferred tax assets | ​ | $ | 4,383 | ​ | $ | 4,056
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Capitalized software | ​ | $ | (1,038) | ​ | $ | (894)
Right-of-use asset | ​ |  | (679) | ​ |  | (816)
Prepaid commission | ​ |  | (2,666) | ​ |  | (2,346)
Gross deferred tax liabilities | ​ |  | (4,383) | ​ |  | (4,056)
Net deferred taxes | ​ | $ | — | ​ | $ | —
​ In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company believes that it is more likely than not that the Company’s deferred income tax asset associated with its net operating losses will not be realized in the immediate future. As such, there is a full valuation allowance against the net deferred tax assets as of December 31, 2023 and 2022. The valuation allowance increased by $7.7 million and $6.1 million during the years ended December 31, 2023 and 2022, respectively, due primarily to the generation of net operating losses and the federal tax rate reduction during the periods. The changes in the valuation allowance were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2023 |  | 2022
Balance at the beginning of the year | ​ | $ | 86,733 | ​ | $ | 80,663
Amounts charged to expense | ​ |  | 7,739 | ​ |  | 6,070
Balance at the end of the year | ​ | $ | 94,472 | ​ | $ | 86,733
​ The following table summarizes carryforwards of federal net operating losses and tax credits as of December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Expiration
​ | ​ | Amount | ​ | Beginning in
Federal net operating losses | ​ | $ | 338,027 |  | 2024
State net operating losses | ​ | $ | 217,071 |  | 2024
Research and development credits | ​ | $ | 2,923 |  | 2024
​ Under the Tax Reform Act of 1986 (the “Act”), the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not done an analysis to determine whether or not ownership changes, as defined by the Act, have occurred since inception. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s Statements of Operations. Due to net operating loss and tax credit carry forwards that remain unutilized, income tax returns for tax years from inception through 2022 remain subject to examination by the taxing jurisdictions.

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