XML 32 R14.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Taxes [Abstract] |
Income taxes |
8. | Income taxes
As of December 31, 2022 and 2021, a valuation allowance was recorded against all deferred tax assets due to the Company’s cumulative net loss position. The components of our provision for income taxes are as follows for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Year Ended December 31,
(in thousands) | ​ | ​ | 2022 | ​ |  | 2021
Current | ​ | ​ | ​ | ​ | ​ | ​
Federal and state | ​ | $ | — | ​ | $ | —
Foreign | ​ |  | 109 | ​ |  | 91
Total provision for income taxes | ​ | $ | 109 | ​ | $ | 91
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The reconciliation of taxes at the federal statutory rate to our provision for income taxes are as follows for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Year Ended December 31,
​ | ​ | ​ | 2022 | ​ |  | 2021 |
Tax at federal statutory rate | ​ | ​ | 21.0 | % | ​ | 21.0 | %
Permanent differences | ​ | ​ | (2.1) | ​ | ​ | (9.0) | ​
Research and development ("R&D") tax credit | ​ | ​ | 0.8 | ​ | ​ | 0.9 | ​
Uncertain tax position | ​ | ​ | (0.3) | ​ | ​ | (0.2) | ​
State, net of federal benefit | ​ | ​ | (0.5) | ​ | ​ | (0.7) | ​
Deferred rate change | ​ | ​ | 0.3 | ​ | ​ | 2.5 | ​
Change in valuation allowance | ​ |  | (19.5) | ​ |  | (14.7) | ​
Total | ​ | ​ | (0.3) | % | ​ | (0.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Significant components of net deferred tax assets were as follows for the periods indicated:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Year Ended December 31,
(in thousands) | ​ | ​ | 2022 | ​ |  | 2021
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards | ​ | $ | 82,050 | ​ | $ | 74,716
R&D tax credits | ​ | ​ | 9,072 | ​ | ​ | 8,711
Capitalized R&D expenses | ​ | ​ | 8,412 | ​ | ​ | 8,577
Start-up costs | ​ | ​ | 894 | ​ | ​ | 1,104
Non-qualified stock options | ​ | ​ | 752 | ​ | ​ | 350
Property and equipment | ​ | ​ | 144 | ​ | ​ | 91
Accrued vacation | ​ | ​ | 212 | ​ | ​ | 151
Other | ​ | ​ | 300 | ​ | ​ | 59
Total deferred tax assets | ​ | ​ | 101,836 | ​ | ​ | 93,759
Valuation allowance | ​ | ​ | (101,836) | ​ | ​ | (93,759)
Net deferred tax assets | ​ | $ | — | ​ | $ | —
​ As of December 31, 2022, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $361.0 million and $6.2 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2022, the Company had federal and state tax credit carryforwards of approximately $9.3 million and $1.8 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028. ​ Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The Company has not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit the Company’s utilization of the NOLs and could be triggered by subsequent sales of securities by the Company or its stockholders. The changes to our gross unrecognized tax benefits were as follows of the periods indicated:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Year Ended December 31,
(in thousands) | ​ | ​ | 2022 | ​ |  | 2021
Gross unrecognized tax benefits at beginning of year | ​ | $ | 1,939 | ​ | $ | 1,840
Gross increases: | ​ | ​ | ​ | ​ | ​ | ​
Prior year tax positions | ​ | ​ | 4 | ​ | ​ | 10
Current year tax positions | ​ | ​ | 113 | ​ | ​ | 91
Gross decreases: | ​ | ​ | ​ | ​ | ​ | ​
Prior year tax positions | ​ | ​ | (10) | ​ | ​ | (2)
Gross unrecognized tax benefits at end of year | ​ | $ | 2,046 | ​ | $ | 1,939
​ All of these unrecognized tax benefits, if recognized, would impact the effective tax rate before taking consideration of the valuation allowance. The amount of unrecognized tax benefits subjected to the valuation allowance was $1.6 million and $1.5 million for the years ended December 31, 2022 and 2021, respectively. The Company recognized approximately $66,000 and $61,000 of interest or penalties for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, total accrued interest and penalties were $0.4 million and $0.3 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax positions as a component of income tax expense. The Company does not expect a significant change in the amount of unrecognized tax benefits in the next year. ​ The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Tax years from 2001 through present remain open for audit under the applicable statute of limitations due to the carryover of the unused NOLs and tax credit carryforwards. The Company does not have any tax audits or other proceedings pending.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration