Income Tax (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Pretax Losses for Domestic and Foreign Operations |
Pretax losses were generated by both domestic and foreign operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
United States |
|
$ |
(49,967 |
) |
|
$ |
(45,086 |
) |
|
$ |
(33,316 |
) |
Foreign |
|
|
(428 |
) |
|
|
(254 |
) |
|
|
(458 |
) |
Worldwide pre-tax loss |
|
$ |
(50,395 |
) |
|
$ |
(45,340 |
) |
|
$ |
(33,774 |
) |
|
| Schedule of Reconciliations of the Expected Statutory Federal Income Tax |
A reconciliation of the expected statutory federal income tax provision to the actual income tax provision is summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Expected income taxes benefit at federal statutory rate |
|
$ |
(10,583 |
) |
|
$ |
(9,521 |
) |
|
$ |
(7,093 |
) |
State income taxes, net of federal benefit |
|
|
(2,171 |
) |
|
|
(380 |
) |
|
|
(2,313 |
) |
Permanent items and other |
|
|
172 |
|
|
|
438 |
|
|
|
592 |
|
Stock compensation |
|
|
91 |
|
|
|
44 |
|
|
|
90 |
|
Research credits |
|
|
(5,336 |
) |
|
|
(4,415 |
) |
|
|
(1,253 |
) |
Unrecognized tax benefits |
|
|
5,209 |
|
|
|
2,454 |
|
|
|
500 |
|
Foreign rate differential |
|
|
19 |
|
|
|
11 |
|
|
|
21 |
|
Change in tax rate |
|
|
(5 |
) |
|
|
34 |
|
|
|
52 |
|
Change in valuation allowance |
|
|
12,604 |
|
|
|
11,335 |
|
|
|
9,404 |
|
Income tax (benefit) expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Significant Components of Deferred Tax Assets |
Significant components of our deferred tax assets are summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
60,090 |
|
|
$ |
52,752 |
|
Capitalized research and development expenses |
|
|
25,922 |
|
|
|
22,576 |
|
Research credits and other state credits |
|
|
18,246 |
|
|
|
16,021 |
|
Intangible assets |
|
|
1,093 |
|
|
|
1,278 |
|
Reserve and accruals |
|
|
522 |
|
|
|
596 |
|
Share-based compensation expense |
|
|
1,821 |
|
|
|
1,628 |
|
Lease liability |
|
|
1,709 |
|
|
|
2,157 |
|
Total tax assets |
|
|
109,403 |
|
|
|
97,008 |
|
Valuation allowance |
|
|
(107,989 |
) |
|
|
(95,484 |
) |
Total deferred tax assets |
|
$ |
1,414 |
|
|
$ |
1,524 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Right of use lease assets |
|
|
(1,414 |
) |
|
|
(1,524 |
) |
Total deferred tax liabilities |
|
|
(1,414 |
) |
|
|
(1,524 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Activity Related to Unrecognized Tax Benefits |
The activity related to our unrecognized tax benefits is summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Balance as of beginning of year |
|
$ |
25,145 |
|
|
$ |
22,232 |
|
|
$ |
21,707 |
|
Increase (decrease) related to prior year tax positions |
|
|
(483 |
) |
|
|
(48 |
) |
|
|
(9 |
) |
Increase related to current year tax positions |
|
|
5,416 |
|
|
|
2,961 |
|
|
|
534 |
|
Balance as of end of year |
|
$ |
30,078 |
|
|
$ |
25,145 |
|
|
$ |
22,232 |
|
|