Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision from continuing operations consisted of the following for the years ended December 31, 2022 and 2021 (in thousands):
December 31,
2022 2021
Current:
   Federal $ —  $ (219)
   State — 
Total Current —  (218)
Deferred:
   Federal 24  24 
   State (2)
Total Deferred 28  22 
Net income tax expense (benefit) $ 28  $ (196)
Schedule of Components of Deferred Tax Assets The net deferred tax liabilities consisted of the following for the years ended December 31, 2022 and 2021 (in thousands):
  December 31,
  2022 2021
Deferred tax assets (liabilities):          
Net operating losses $ 32,393  $ 31,816 
Tax credits 5,706  4,871 
Capitalized research and development 6,567  — 
Stock-based compensation 3,532  3,080 
Basis difference in tangible and intangible assets, net 1,597  2,020 
Accrued compensation 585  965 
Installment sale and revenue recognition 1,566  445 
Other reserves 395  381 
Lease liability 523  590 
Prepaid expenses (248) (353)
Right-of-use asset (408) (472)
Total deferred tax assets, net 52,208  43,343 
Less valuation allowance (52,349) (43,456)
Net deferred taxes $ (141) $ (113)
Reconciliation of Income Tax Expenses Between Federal Statutory Rate and Effective Income Tax Rate
The income tax expense (benefit) for the years ended December 31, 2022 and 2021 differed from the amounts computed by applying the U.S. federal income tax rate of 21% as follows:
  December 31,
  2022 2021
Federal statutory rate 21.00  % 21.00  %
Stock compensation (2.72) (1.48)
State taxes (0.01) — 
Research tax credit 2.01  2.52 
NOL carryback due to CARES Act —  0.26 
Other (0.19) (0.15)
Valuation allowance (20.15) (21.93)
Effective income tax rate (0.06) % 0.22  %