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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

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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.

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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 the change in unrecognized tax benefits.

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