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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and net operating loss carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below (in thousands).

		December 31,
		2023				2022
Deferred tax assets:
U.S. Federal and state net operating loss carryforwards		$	13,804			$	11,411
Foreign net operating loss carryforwards			7,819				6,224
Research and development tax credits			341				—
Share-based compensation			269				441
Capitalized research expenses			6,515				4,154
Other			926				427
Total deferred tax assets			29,674				22,657
Less: valuation allowance			(29,674	)			(22,657	)
Net deferred tax assets		$	—			$	—

Income Taxes Recorded Differed from Amounts Computed

Income taxes recorded differed from the amounts computed by applying the U.S. Federal income tax rate of 21% in 2023 and 2022 to loss before income taxes as a result of the following (in thousands).

		December 31,
		2023				2022
Computed “expected” Federal tax benefit		$	(4,716	)		$	(5,878	)
(Increase) reduction in income taxes benefit resulting from:
Change in valuation allowance			5,987				4,028
Foreign rate change			—				(842	)
Foreign income inclusion			(21	)			530
State and local income benefit, net of Federal income tax benefit			(1,693	)			(104	)
Return-to-provision adjustment			—				1,393
Foreign rate differential			—				286
Permanent differences			840				348
Other, net			(397	)			239
Income tax benefit		$	—			$	—

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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

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-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

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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
-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

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