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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​
​		2023			2022
Current:		​			​
Federal	​	$	—	​	$	—
State	​		—	​		—
Total current expense	​		—	​		—
​	​	​	​	​	​	​
Deferred:	​			​
Federal	​		—	​		—
State	​		—	​		—
Total deferred expense	​		—	​		—
Total income tax expense	​	$	—	​	$	—

Schedule of reconciliation between the effective tax rate on income from continuing operations

​

​	​	​	​	​	​
​		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	%

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
(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	​	$	—	​	$	—

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
(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

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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