Note 9 - Taxes on Income |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
NOTE 9 – TAXES ON INCOME
Our income tax benefit was $48 and $1,951 for the three months ended September 30, 2024 and 2023, respectively. The tax benefit represented a (1.6%) and (76.0%) effective tax rate for the three months ended September 30, 2024 and 2023, respectively. Income tax expense (benefit) was $626 and ($965) for nine months ended September 30, 2024 and 2023, respectively. The tax expense (benefit) represented a 50.3% and (9.7%) effective tax rate for the nine months ended September 30, 2024 and 2023, respectively
The effective tax rate for the three and nine months ended September 30, 2024 and 2023 differs from the U.S. statutory rate of 21% primarily due to the tax benefit of research credits partially offset by state tax expense and non-deductible officer compensation and a discrete tax expense in 2024 related to the difference in stock compensation expense recognized for financial reporting purposes and tax purposes upon vesting. The tax benefit rate for the three and nine months ended September 30, 2023 is additionally affected by a discrete tax benefit for a 2022 return-to-provision adjustment for the research credit. |