Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income (Loss) Before Provision for Income Taxes |
The components of the Company’s income (loss) before provision for income taxes are as follows:
|
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|
|
|
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|
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|
|
Years ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
United States |
|
$ |
(99,015 |
) |
|
$ |
(84,422 |
) |
|
$ |
7,621 |
|
Foreign |
|
|
(3,329 |
) |
|
|
1,154 |
|
|
|
1,038 |
|
Income (loss) before provision for income taxes |
|
$ |
(102,344 |
) |
|
$ |
(83,268 |
) |
|
$ |
8,659 |
|
|
| Components of Provisions for Income Taxes |
The provision for income taxes consists of the following:
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|
Years ended December 31, |
|
Current tax expense |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Federal |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State |
|
|
229 |
|
|
|
201 |
|
|
|
271 |
|
Foreign |
|
|
127 |
|
|
|
303 |
|
|
|
266 |
|
Total current tax expense |
|
$ |
356 |
|
|
$ |
504 |
|
|
$ |
537 |
|
Deferred tax expense (benefit) |
|
|
|
|
|
|
|
|
|
Federal |
|
|
— |
|
|
|
— |
|
|
|
10,263 |
|
State |
|
|
— |
|
|
|
— |
|
|
|
4,194 |
|
Foreign |
|
|
(251 |
) |
|
|
— |
|
|
|
(22 |
) |
Total deferred tax expense (benefit) |
|
$ |
(251 |
) |
|
$ |
— |
|
|
$ |
14,435 |
|
Interest and penalties |
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax expense (benefit), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Provision for income taxes |
|
$ |
105 |
|
|
$ |
504 |
|
|
$ |
14,992 |
|
|
| Components of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities consist of the following:
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|
|
|
|
|
|
|
|
|
As of December 31, |
|
Deferred tax assets (liabilities) |
|
2023 |
|
|
2022 |
|
Accrued expenses |
|
$ |
10,121 |
|
|
$ |
10,600 |
|
Net operating loss and credit carryforward |
|
|
41,195 |
|
|
|
27,824 |
|
Allowance, reserves and other |
|
|
3,015 |
|
|
|
2,784 |
|
Stock-based compensation |
|
|
5,809 |
|
|
|
4,042 |
|
Intangible amortization |
|
|
— |
|
|
|
2,045 |
|
Lease liability |
|
|
5,098 |
|
|
|
5,674 |
|
Capitalized R&D under Sec 174 |
|
|
6,257 |
|
|
|
2,915 |
|
Deferred tax assets |
|
$ |
71,495 |
|
|
$ |
55,884 |
|
Property, plant, and equipment |
|
|
(8,806 |
) |
|
|
(8,674 |
) |
Intangible amortization |
|
|
(6,528 |
) |
|
|
— |
|
Right-of-use asset |
|
|
(4,732 |
) |
|
|
(5,277 |
) |
Deferred tax liabilities |
|
$ |
(20,066 |
) |
|
$ |
(13,951 |
) |
Valuation allowance |
|
|
(59,968 |
) |
|
|
(41,933 |
) |
Total |
|
$ |
(8,539 |
) |
|
$ |
— |
|
|
| Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate |
Reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:
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|
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|
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|
|
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|
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|
Years ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
U.S. Statutory rate |
|
|
21.00 |
% |
|
|
21.00 |
% |
|
|
21.00 |
% |
State income taxes, net of federal benefit |
|
|
1.43 |
% |
|
|
3.53 |
% |
|
|
-1.39 |
% |
Stock-based compensation |
|
|
-0.66 |
% |
|
|
-1.02 |
% |
|
|
-21.72 |
% |
R&D credit, net of reserve |
|
|
1.00 |
% |
|
|
1.32 |
% |
|
|
-5.95 |
% |
Change in fair value |
|
|
-1.40 |
% |
|
|
3.88 |
% |
|
|
-28.19 |
% |
Nondeductible compensation |
|
|
-0.09 |
% |
|
|
-1.50 |
% |
|
|
7.04 |
% |
Valuation allowance |
|
|
-14.80 |
% |
|
|
-27.75 |
% |
|
|
201.69 |
% |
Goodwill impairment charge |
|
|
-6.75 |
% |
|
|
— |
|
|
|
— |
|
Other |
|
|
0.17 |
% |
|
|
-0.07 |
% |
|
|
0.63 |
% |
Effective income tax rate |
|
|
-0.10 |
% |
|
|
-0.61 |
% |
|
|
173.11 |
% |
|
| Summary of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
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|
|
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|
December 31, |
|
Reconciliation of liability for unrecognized tax benefits |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Balance at beginning of period |
|
$ |
2,366 |
|
|
$ |
2,078 |
|
|
$ |
1,932 |
|
Additions based on tax positions related to current year |
|
|
400 |
|
|
|
242 |
|
|
|
146 |
|
Reductions based on tax positions related to prior year |
|
|
(34 |
) |
|
|
— |
|
|
|
— |
|
Additions based on tax positions related to prior year |
|
|
46 |
|
|
|
46 |
|
|
|
— |
|
Balance at end of period |
|
$ |
2,778 |
|
|
$ |
2,366 |
|
|
$ |
2,078 |
|
|