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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes Based on Losses from Continuing Operations

The provision for income taxes based on losses from continuing operations consists of the following at December 31:

			Years ended December 31,
(in thousands)			2022						2021
Current:
State			$	—					$	1
Total current provision			—						1
Deferred:
Federal			19,054						(5,551)
State			4,902						(531)
Total deferred (benefit) expense			23,956						(6,082)
Valuation allowance			(23,956)						6,081
Total income tax provision			$	—					$	—

Schedule of Significant Components of the Company’s Taxes and the Rates

Significant components of the Company’s taxes and the rates as of December 31 are shown below:

			Years ended December 31,
(in thousands, except percentages)			2022												2021
Tax computed at the federal statutory rate			$	(8,128)					21		%				$	(5,941)					21		%
State tax, net of federal tax benefit			(518)						1		%				(233)						1		%
Permanent items			32,369						(84)		%				62						—		%
Stock based compensation			553						(1)		%				325						(1)		%
Research and development credits			(319)						1		%				(366)						1		%
Return to provision and true ups			—						—		%				—						—		%
Other			(1)						—		%				72						—		%
Valuation allowance increase (decrease)			(23,956)						62		%				6,081						(22)		%
Provision for income taxes			$	—					—		%				$	—					—		%

Schedule of Significant Components of the Company’s Deferred Tax Assets

Significant components of the Company’s deferred tax assets and liabilities from federal and state income taxes as of December 31 are shown below (in thousands):

			Years ended December 31,
(in thousands)			2022						2021
Deferred tax assets:
Tax loss carryforwards			$	20,289					$	17,506
Research and development credits and other tax credits			2,743						2,226
Stock-based compensation			1,317						962
Capitalized research and development			4,794						—
Other			1,431						1,750
Total deferred tax assets			30,574						22,444
Deferred tax liabilities:
Operating lease right-of-use assets			(492)						(611)
Other			—						—
Total deferred tax liabilities			(492)						(611)
Net deferred tax assets before valuation allowance			30,082						21,833
Valuation allowance			(30,082)						(21,833)
Net deferred tax asset			$	—					$	—

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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