XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Loss Before Income Taxes | Loss before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Losses before income taxes: |  |  |  |  |  |
U.S. |  | $ | (116,736 | ) |  | $ | (88,159 | )
Non-U.S. |  |  | 199 |  |  |  | 193 |
Total |  | $ | (116,537 | ) |  | $ | (87,966 | )
Summary of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |
Deferred: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |
Provision (benefit) for income taxes |  | $ | — |  |  | $ | — |
Reconciliation of U.S. Federal Statutory Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Statutory federal income tax rate |  | $ | (24,473 | ) |  | $ | (18,473 | )
State income taxes, net of federal tax benefits |  |  | (3,170 | ) |  |  | (2,678 | )
Tax credits |  |  | (972 | ) |  |  | (1,046 | )
Stock-based compensation |  |  | 728 |  |  |  | 986 |
Permanent items |  |  | 9 |  |  |  | 3 |
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | 18,078 |  |  |  | — |
State rate differential |  |  | 32 |  |  |  | 274 |
NOL true-up |  |  | 2 |  |  |  | (337 | )
Other |  |  | 566 |  |  |  | 114 |
Goodwill impairment |  |  | — |  |  |  | 11,697 |
Change in valuation allowance |  |  | 9,200 |  |  |  | 9,460 |
Total provision for income taxes |  | $ | — |  |  | $ | — |
Schedule of Significant Components Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Net operating loss carryforwards |  | $ | 18,089 |  |  | $ | 15,230 |
Research and development tax credits |  |  | 3,202 |  |  |  | 2,294 |
Accruals and reserves |  |  | 475 |  |  |  | 452 |
Research expenditures |  |  | 10,567 |  |  |  | 5,264 |
Stock-based compensation |  |  | 3,085 |  |  |  | 2,874 |
Depreciation and amortization |  |  | 1,319 |  |  |  | 1,595 |
Lease liability |  |  | 91 |  |  |  | 179 |
Total deferred tax assets |  |  | 36,828 |  |  |  | 27,888 |
Right-of-use asset |  |  | (87 | ) |  |  | (178 | )
Acquired IPR&D |  |  | (7,682 | ) |  |  | (7,787 | )
Total deferred tax liabilities |  |  | (7,769 | ) |  |  | (7,965 | )
Less: valuation allowance |  |  | (30,811 | ) |  |  | (21,675 | )
Net deferred tax liabilities |  | $ | (1,752 | ) |  | $ | (1,752 | )
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Gross unrecognized tax benefits at the beginning of the year |  | $ | 2,664 |  |  | $ | 1,469 |
Additions from tax positions taken in the current year |  |  | 972 |  |  |  | 914 |
Additions from tax positions taken in prior years |  |  | — |  |  |  | 281 |
Gross unrecognized tax benefits at the end of the year |  | $ | 3,636 |  |  | $ | 2,664 |

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