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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Statutory Federal Income Tax Rate

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		—	%	—	%	—	%

Schedule of Deferred Tax Assets

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	​	$	—	​	$	—

Summary of Changes in Valuation Allowance

​

​	​	​	​	​	​	​
​	​	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

Summary of Net Operating Loss Carryforwards and Tax Credits

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

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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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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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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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