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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Taxes [Abstract]  
Income Taxes

11. Income Taxes

 

For the three months ended March 31, 2024 and 2023, the Company recorded income tax expense of $0. The effective tax rate is 0% for the three months ended March 31, 2024 and 2023.

 

For financial reporting purposes, the Company’s effective tax rate used for the interim periods is based on the estimated full-year income tax rate. For the three months ended March 31, 2024, the Company’s effective tax rate differs from the statutory rate, primarily due to a valuation allowance recorded against the net deferred tax asset balance.

 

Currently, the Company is not under examination by any taxing authority.