Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of components of income (loss) before income taxes by tax jurisdiction
The components of income (loss) before income taxes by tax jurisdiction were as follows:
Year Ended December 31,
2023 2022
United States $(20,812) $(25,426)
Foreign 1,786 1,088
Loss before income tax expense $(19,026) $(24,338)
Schedule of income tax expense
Income tax expense for the years ended December 31, 2023, and 2022, consisted entirely of current tax expense as follows:
Current: 2023 2022
Federal $— $—
State — —
Foreign 145 111
Income tax expense $145 $111
Schedule of statutory federal income tax rate reconciliation
A reconciliation of the Company's effective tax rate to the statutory federal income tax rate is as follows:
December 31,
Rate reconciliation: 2023 2022
Federal tax benefit at statutory rate (21.0) % (21.0) %
State tax, net of federal benefit (6.1) % (4.9) %
Permanent differences 1.7  % 1.5  %
Research & development credits (3.8) % (2.0) %
Foreign rate differential (1.2  %) —  %
Change in tax rate (0.5  %) 0.1  %
Other (0.7  %) (5.8  %)
Change in valuation allowance 32.4  % 32.5  %
Effective tax rate 0.8  % 0.4  %
Schedule of deferred tax assets and liabilities
Deferred tax assets and liabilities consisted of the following:
December 31,
2023 2022
Deferred tax assets:
   Net operating losses $ 42,899  $ 40,397 
   Capitalized research and development costs 3,876  1,598 
   Credits 2,066  1,347 
   Accruals and other 934  492 
   Share-based compensation 657  467 
   Lease liabilities 533  482 
   Fixed assets 86  82 
Total deferred tax assets 51,051  44,865 
Valuation allowance (50,595) (44,454)
Deferred tax assets, net of valuation allowance $ 456  $ 411 
Deferred tax liability:    
   Right-of-use assets (456) (411)
Net deferred tax assets $ —  $ —