Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Components for the provision for income taxes consist of the following:


	Year Ended December 31,
	2023		2022
Current
Federal	$	—	$	115
State and local	—		94
Total current tax expense	$	—	$	209

Deferred
Federal	$	—	$	—
State and local	—		—
Total deferred tax expense	$	—	$	—

Provision for income tax expense	$	—	$	209

The differences between income taxes computed using the U.S. federal income tax rate and the provision for income taxes are as follows:


	Year Ended December 31,
	2023				2022
Federal income tax expense at statutory rate	$	(3,552)	21.0	%	$	(498)	21.0	%
State income tax expense at statutory rate	(1,167)		6.9		(87)		3.7
Permanent differences	285		(1.7)		108		(4.6)
Research and development credit	—		—		(31)		1.3
Federal and state rate differential	72		(0.5)		(16)		0.7
Change in valuation allowance	(39,891)		236.9		733		(30.9)
Reduction of worthless attributes	44,253		(262.6)		—		—
	$	—	—	%	$	209	(8.8)	%

The significant components of the Company’s net deferred tax assets are as follows:


	December 31,
	2023		2022
Deferred Tax Assets
Net operating losses	$	3,145	$	36,331
Tax credits	—		472
Capitalized R&D expenses	741		5,795
Intangibles	—		117
Accrued expenses	41		40
Operating lease liability	1,900		2,097
Equity-based compensation	—		1,874
Investment Loss Adjustment	570		—
Other	—		56
Less: Valuation allowance	(4,250)		(44,145)
Total deferred tax assets	2,147		2,637
Deferred Tax Liabilities
Prepaid expenses	(217)		(262)
Fixed assets and other	(15)		(292)
Deferred Rent	(57)		—
Right-of-use asset	(1,858)		(2,083)
Total deferred tax liabilities	(2,147)		(2,637)
Deferred taxes, net	$	—	$	—