v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income (Loss)

The domestic and foreign components of income (loss) from continuing operations are as follows:

			Year Ended December 31,
			2022						2021
Domestic			$	(131,237,000)					$	(78,356,000)
Foreign			525,000						204,000
Loss before provision for income taxes			$	(130,712,000)					$	(78,152,000)

Schedule of Provision for Domestic and Foreign Income Taxes

The provision for domestic and foreign income taxes is as follows:

			Year Ended December 31,
			2022						2021
Current:
Federal			$	—					$	—
Foreign			123,000						39,000
State and local			1,000						21,000
Total current income tax provision (benefit)			$	124,000					$	60,000
Deferred:
Federal			$	(277,000)					$	(4,055,000)
Foreign			—						—
State and local			2,037,000						(1,722,000)
Total deferred income tax provision (benefit)			1,760,000						(5,777,000)
Income tax provision (benefit)			$	1,884,000					$	(5,717,000)

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of the income tax computed at the federal statutory tax rate to the expense for income taxes are as follows:

			Year Ended December 31,
			2022						2021
Income taxes at statutory rate			$	(27,447,000)					$	(16,413,000)
State income taxes, net of federal benefits			(1,321,000)						(2,030,000)
Change in valuation allowance			27,342,000						12,879,000
Stock-based compensation			1,345,000						581,000
Section 162(m)			2,447,000						966,000
Other permanent differences			434,000						149,000
Research credits			(1,733,000)						(938,000)
Other			817,000						(911,000)
Income tax expense (benefit)			$	1,884,000					$	(5,717,000)

Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2022 and 2021 are as follows:

			December 31,
			2022						2021
Deferred tax assets:
Net operating loss carryforwards			$	109,612,000					$	81,399,000
Research and development credits			9,816,000						6,911,000
Stock-based compensation			1,639,000						849,000
ASC 842 - lease liability			2,599,000						2,517,000
UNICAP			1,049,000						481,000
Other			1,944,000						976,000
Total gross			126,659,000						93,133,000
Deferred tax liabilities:
Amortization			(2,202,000)						(7,478,000)
ASC 842 - ROU asset			(2,441,000)						(2,504,000)
Less: valuation allowance			(122,016,000)						(83,151,000)
Deferred tax assets, net of valuation allowance			$	—					$	—

Schedule of Unrecognized Tax Benefits

Reconciliations of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, are as follows:

			December 31,
			2022						2021
Balance at beginning of the year			$	5,119,000					$	4,201,000
Additions/(reductions) for tax positions - prior year			903,000						231,000
Increase related to current year positions			1,259,000						687,000
Balance at the end of the year			$	7,281,000					$	5,119,000

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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