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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Taxes [Abstract]  
Income Taxes

Note 15 — Income Taxes

 

The Company’s effective income tax rate was 0.0% for both the three months ended September 30, 2022 and 2021. The income tax benefit was $0 for both the three months ended September 30, 2022 and 2021.

 

The Company’s effective income tax rate was 0.2% and 0.0% for the nine months ended September 30, 2022 and 2021, respectively. The income tax benefit was $262 thousand and $0 for the nine months ended September 30, 2022 and 2021, respectively. The difference between the Company’s effective tax rates for the 2022 and 2021 periods and the U.S. statutory tax rate of 21% was primarily due to a valuation allowance recorded against the Company’s deferred tax assets. The change in the income tax benefit for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021 was primarily due to a discrete income tax benefit of $200 thousand recorded during the first quarter of 2022, which is attributable to a non-recurring partial release of the Company's U.S. valuation allowance as a result of the Lab Society acquisition. Additionally, as a result of the goodwill impairment charge recorded during the second quarter of 2022, the Company recognized a small benefit of $62 thousand related to the reversal of its opening deferred tax liability on indefinite-lived assets.