XML 53 R29.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Benefit for Income Taxes | The components of the provision expense (benefit) were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | 13 |  |  |  | 4 |  |  |  | 5 |
Total current |  |  | 13 |  |  |  | 4 |  |  |  | 5 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (16,514 | ) |  |  | (10,396 | ) |  |  | (12,981 | )
State |  |  | (11,247 | ) |  |  | (1,851 | ) |  |  | (2,472 | )
Total deferred |  |  | (27,761 | ) |  |  | (12,247 | ) |  |  | (15,453 | )
Changes in tax rate |  |  | (1,471 | ) |  |  | 1,347 |  |  |  | 31 |
Changes in valuation allowance |  |  | 29,232 |  |  |  | 10,900 |  |  |  | 15,422 |
Total income tax expense from continuing operations |  | $ | 13 |  |  | $ | 4 |  |  | $ | 5 |
Schedule of Deferred Tax Liabilities and Related Valuation Allowance | The components of the Company’s net deferred tax liabilities and related valuation allowance are as follows as of December 31, 2023 and 2022 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 71,434 |  |  | $ | 48,984 |
Debt related interest |  |  | 16,898 |  |  |  | 15,272 |
Capitalized research and development |  |  | 4,936 |  |  |  | 2,014 |
Tax credit carryforwards |  |  | 3,960 |  |  |  | 1,630 |
Stock based compensation |  |  | 525 |  |  |  | 1,602 |
Accrued expense and reserves |  |  | 1,584 |  |  |  | 568 |
Operating lease liabilities |  |  | 774 |  |  |  | 315 |
Other |  |  | 159 |  |  |  | 77 |
Total deferred tax assets |  |  | 100,270 |  |  |  | 70,462 |
Less valuation allowance |  |  | (96,776 | ) |  |  | (67,543 | )
Total deferred tax assets |  |  | 3,494 |  |  |  | 2,919 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | (2,734 | ) |  |  | (2,666 | )
Operating lease right-of-use assets |  |  | (760 | ) |  |  | (253 | )
Total deferred tax liabilities |  |  | (3,494 | ) |  |  | (2,919 | )
Net deferred tax liabilities |  | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between U.S. federal income taxes at the statutory rate and the Company’s provision for income taxes are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax benefit at federal statutory rate |  | $ | (24,007 | ) |  | $ | (4,905 | ) |  | $ | (19,150 | )
Valuation allowance |  |  | 29,232 |  |  |  | 10,900 |  |  |  | 15,422 |
Debt discount and interest limitation |  |  | — |  |  |  | (9,293 | ) |  |  | 8,954 |
Compensation expense |  |  | 3,798 |  |  |  | 2,469 |  |  |  | 224 |
Acquisition related charges |  |  | 260 |  |  |  | 992 |  |  |  | 75 |
Prior year true-up and carryback |  |  | (5,079 | ) |  |  | (713 | ) |  |  | (3,968 | )
State, net of federal tax benefit |  |  | (5,127 | ) |  |  | (174 | ) |  |  | (2,545 | )
Change in fair value of Convertible Debentures |  |  | 1,752 |  |  |  | — |  |  |  | — |
Change in tax rates |  |  | (1,471 | ) |  |  | — |  |  |  | — |
Other |  |  | 655 |  |  |  | 728 |  |  |  | 993 |
Income tax expense |  | $ | 13 |  |  | $ | 4 |  |  | $ | 5 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax expense (benefits) is as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 408 |  |  | $ | 408 |  |  | $ | 406 |
Increase related to prior year tax positions |  |  | 536 |  |  |  | — |  |  |  | 2 |
Increases related to current year tax positions |  |  | 127 |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 1,071 |  |  | $ | 408 |  |  | $ | 408 |

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 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration