XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes |
Income Taxes | NOTE 9: Income Taxes The Company has incurred cumulative U.S. net operating losses since inception. Income tax expense consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | — | ​ | $ | —
State | ​ |  | — | ​ |  | —
Total current expense | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: | ​ |  |  | ​ |  |
Federal | ​ |  | — | ​ |  | —
State | ​ |  | — | ​ |  | —
Total deferred expense | ​ |  | — | ​ |  | —
Total income tax expense | ​ | $ | — | ​ | $ | —
​ Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Provision at statutory rate |  | 21.0 | % | 21.0 | %
Stock-based compensation | ​ | (2.0) | ​ | (1.9) | ​
Convertible notes |  | (0.4) |  | (7.5) | ​
Fair value adjustment |  | 4.7 |  | 13.1 | ​
Change in valuation allowance |  | (24.6) |  | (26.3) | ​
Research and development credits | ​ | 1.6 | ​ | 1.6 | ​
Other |  | (0.3) |  | — | ​
Effective tax rate |  | 0.0 | % | 0.0 | %
​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 34,157 | ​ | $ | 28,218
Research and development credit carryforwards | ​ |  | 2,599 | ​ |  | 2,006
Accruals and other | ​ |  | 717 | ​ |  | 798
Lease liability | ​ | ​ | 388 | ​ | ​ | 650
Property, equipment and software | ​ |  | 93 | ​ |  | 165
Amortization | ​ |  | 198 | ​ |  | 189
Capitalized research and experimental expenses | ​ | ​ | 2,218 | ​ | ​ | 1,191
Other | ​ |  | 11 | ​ |  | 11
Total deferred tax assets | ​ |  | 40,381 | ​ |  | 33,228
Valuation allowance | ​ |  | (39,989) | ​ |  | (32,702)
Deferred tax assets recognized | ​ |  | 392 | ​ |  | 526
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Right of use asset | ​ | ​ | (392) | ​ | ​ | (526)
Total deferred tax liabilities | ​ |  | (392) | ​ |  | (526)
Net deferred taxes | ​ | $ | — | ​ | $ | —
​ The Company considers all available evidence, both positive and negative, including historical levels of taxable income, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. As of December 31, 2023 and 2022, based on the Company’s analysis of all available evidence, both positive and negative, it was considered more likely than not that the Company’s deferred tax assets would not be realized and, as a result, the Company recorded a full valuation allowance for its deferred tax assets. The valuation allowance increased $7.3 million and $8.7 million during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had U.S. federal net operating loss carryforwards amounts of approximately $128.0 million of which $23.3 million begin to expire in 2033 and $104.7 million can be carried over indefinitely. As of December 31, 2023, the Company had federal research and development tax credits of approximately $1.7 million which begin to expire in 2033. As of December 31, 2023, the Company had state net operating loss carryforwards amounts of approximately $102.5 million which begin to expire in 2024. As of December 31, 2023, the Company had state research and development tax credits of approximately $1.5 million, which do not expire. Utilization of the federal and state net operating loss and federal and state research and development tax credit carryforwards may be subject to annual limitations due to the ownership percentage change provisions of the Internal Revenue Code Section 382 and similar state provisions. The annual limitations may result in the inability to fully offset future annual taxable income and could result in the expiration of the net operating loss carry forwards before utilization. The Company accounts for uncertainty in income taxes in accordance with ASC 740. Tax positions are evaluated in a two-step process, whereby the Company first determines whether it is more likely than not that a tax position will be sustained upon examination by tax authorities, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognized in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2023 |  | 2022
Unrecognized tax benefits as of the beginning of the year | ​ | $ | 430 | ​ | $ | 313
Increases related to prior year tax provisions | ​ |  | 12 | ​ |  | 28
Decrease related to prior year tax provisions | ​ |  | — | ​ |  | —
Increase related to current year tax provisions | ​ |  | 102 | ​ |  | 89
Statute lapse | ​ |  | — | ​ |  | —
Unrecognized tax benefits as of the end of the year | ​ | $ | 544 | ​ | $ | 430
​ The Company’s unrecognized tax benefits as of December 31, 2023 relate entirely to research and development credits. The total amount of unrecognized tax benefits at December 31, 2023 is $0.5 million. If recognized, none of the unrecognized tax benefits would impact the effective tax rate because of the valuation allowance. The Company’s policy is to recognize interest and penalties to income taxes as components of interest expense and other expense, respectively. The Company did not accrue interest or penalties related to unrecognized tax benefits as of December 31, 2023. The Company does not anticipate any significant change within twelve months of this reporting date. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Due to the Company’s net operating loss carryforwards, all tax years since inception remain subject to examination by all taxing authorities. The Company is not currently under audit in any major tax jurisdiction.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration