XML 72 R31.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss Before for Income Taxes

The Company’s loss before income taxes for the years ended December 31, 2023 and 2022 were generated in the following jurisdictions (in thousands):

		Year Ended December 31,
		2023				2022
Domestic		$	(78,195	)		$	(96,781	)
Foreign			(358	)			31,383
Worldwide		$	(78,553	)		$	(65,398	)

Components of Net Deferred Income Taxes

The components of net deferred income taxes consisted of the following as of December 31, 2023 and 2022 (in thousands):

		December 31,
		2023				2022
Deferred tax assets:
Net operating loss carryforwards		$	8,038			$	474
Research and development credits			4,547				1,287
Accrued expenses			577				523
Capitalized Section 174 R&D Costs			29,470				11,818
Stock compensation			2,510				1,081
Right-of-use liability			5,485				5,760
Intangible asset amortization			7,425				6,879
Other, net			21				—
Deferred tax assets			58,073				27,822
Deferred tax liabilities
Right-of-use-Asset			(6,444	)			(6,233	)
Fixed Assets			(1,474	)			(45	)
Other, net			—				(2	)
Deferred tax liabilities			(7,918	)			(6,280	)
Net deferred tax assets			50,155				21,542
Valuation allowance			(50,155	)			(21,542	)
Net deferred tax assets		$	—			$	—

Schedule of Components of Income Tax Expense

The components of income tax expense were as follows for the years ended December 31, 2023 and 2022 (in thousands):

		Year Ended December 31,
		2023				2022
Current expense:
U.S. Federal		$	—			$	—
State			73				23
Foreign			—				3,683
Total current expense			73				3,706
Deferred expense:
U.S. Federal			—				—
State			—				—
Foreign			—				—
Total deferred expense			—				—
Provision for income taxes		$	73			$	3,706

Reconciliation of Income Tax Expense to Statutory Federal Income Tax Rate to Loss From Operations

A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized for the years ended December 31, 2023 and 2022, as follows:

		Year Ended December 31,
		2023				2022
Tax at statutory rate			21.0	%			21.0	%
State tax (net of federal benefit)			(0.7	)%			(0.0	)%
Permanent differences			(0.4	)%			(0.1	)%
Research and development credit			3.2	%			1.6	%
GILTI Inclusion			0.0	%			(8.9	)%
U.K. R&D credit			0.0	%			0.0	%
Foreign rate differential			0.0	%			(1.0	)%
Change in valuation allowance			(23.9	)%			(23.4	)%
Other			0.0	%			5.0	%
Income tax expense (benefit)			(0.8	)%			(5.8	)%

Reconciliation of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for each of the periods indicated:

		December 31,
		2023				2022
Balance at beginning of the period		$	673			$	—
Increase related to current year tax positions			—				751
Increase related to prior year tax positions			—				—
Decrease related to prior year tax positions			—				—
Currency translation			40				(78	)
Balance at the end of the period		$	713			$	673

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 income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
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