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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of loss from operations before income taxes | For financial reporting purposes, loss from operations before income taxes includes the following components (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Pretax loss: |  |  |  |  |  |  |  |
United States |  | $ | (53,430 | ) |  | $ | (42,722 | )
Foreign |  |  | 5 |  |  |  | (25 | )
Loss before income taxes |  | $ | (53,425 | ) |  | $ | (42,747 | )
Schedule of components of provision for income taxes | The components of our provision for income taxes during the two years ended December 31, 202 3 , consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 316 |  |  | $ | — |
State |  |  | 1 |  |  |  | — |
Foreign |  |  | 1 |  |  |  | 62 |
Total current |  |  | 318 |  |  |  | 62 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
Total deferred |  |  | — |  |  |  | — |
Total income tax provision |  | $ | 318 |  |  | $ | 62 |
Schedule of reconciliation of income tax expense (benefit) computed | A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Federal income tax expense at statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 5.9 |  |  |  | 6.9 |
Permanent differences |  |  | (1.2 | ) |  |  | (0.4 | )
Convertible note revaluation |  |  | (1.8 | ) |  |  | 0.0 |
Research and development tax credits |  |  | 3.1 |  |  |  | 4.1 |
Change in valuation allowance |  |  | (27.6 | ) |  |  | (31.6 | )
Effective income tax rate |  |  | (0.6 | )% |  |  | — | %
Schedule of deferred taxes | Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Federal net operating loss carryforwards |  | $ | 13,412 |  |  | $ | 19,135 |
State net operating loss carryforwards |  |  | 3,500 |  |  |  | 5,401 |
Contingent liability |  |  | 14,876 |  |  |  | — |
Accruals and Reserves |  |  | 818 |  |  |  | 659 |
Capitalized intangible assets |  |  | 2,828 |  |  |  | 3,089 |
Tax credit carryforwards |  |  | 5,762 |  |  |  | 4,745 |
Capitalized R&D expenditures |  |  | 13,546 |  |  |  | 7,378 |
Lease liability |  |  | 1,835 |  |  |  | 1,962 |
Stock compensation and other |  |  | 544 |  |  |  | 318 |
Total gross deferred tax assets before valuation allowance |  |  | 57,121 |  |  |  | 42,687 |
Less: Valuation allowance |  |  | (55,078 | ) |  |  | (40,342 | )
Net deferred tax assets |  |  | 2,043 |  |  |  | 2,345 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  | (339 | ) |  |  | (483 | )
Right of use asset |  |  | (1,704 | ) |  |  | (1,862 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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 + Details
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