v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of provision for income taxes

    

2022

    

2021

Current:

 

  

 

  

Federal

$

$

State

 

 

Total current expense

 

 

Deferred:

 

  

 

  

Federal

 

 

State

 

 

Total deferred expense

 

 

Total income tax expense

$

$

Schedule of reconciliation between the effective tax rate on income from continuing operations

    

2022

    

2021

 

Provision at statutory rate

 

21.0

%  

21.0

%

Stock-based compensation

(1.9)

Convertible notes

 

(7.5)

 

(2.1)

Fair value adjustment

 

13.1

 

(7.5)

Change in valuation allowance

 

(26.3)

 

(11.7)

Research and development credits

1.6

Other

 

 

0.3

Effective tax rate

 

0.0

%  

0.0

%

Schedule of components of deferred tax assets and liabilities

(in thousands)

2022

    

2021

Deferred tax assets:

 

  

 

  

Net operating loss carryforwards

$

28,218

$

21,983

Research and development credit carryforwards

 

2,006

 

1,395

Accruals and other

 

798

 

374

Lease liability

650

287

Property, equipment and software

 

165

 

162

Amortization

 

189

 

49

Capitalized research and experimental expenses

1,191

Other

 

11

 

18

Total deferred tax assets

 

33,228

 

24,268

Valuation allowance

 

(32,702)

 

(23,992)

Deferred tax assets recognized

 

526

 

276

Deferred tax liabilities:

Right of use asset

(526)

(276)

Total deferred tax liabilities

 

(526)

 

(276)

Net deferred taxes

$

$

Schedule of unrecognized tax benefits

(in thousands)

    

2022

    

2021

Unrecognized tax benefits as of the beginning of the year

$

313

$

247

Increases related to prior year tax provisions

 

28

 

24

Decrease related to prior year tax provisions

 

 

Increase related to current year tax provisions

 

89

 

42

Statute lapse

 

 

Unrecognized tax benefits as of the end of the year

$

430

$

313