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 Tax Provision
The income tax provision from continuing operations consisted of the following for the years ended December 31, 2023 and 2022 (in thousands):
December 31,
2023 2022
Current:
   Federal $ —  $ — 
   State —  — 
Total Current —  — 
Deferred:
   Federal 24  24 
   State (10)
Total Deferred 14  28 
Net income tax expense $ 14  $ 28 
Schedule of Components of Deferred Tax Assets (Liabilities)
The net deferred tax assets (liabilities) consisted of the following for the years ended December 31, 2023 and 2022 (in thousands):
  December 31,
  2023 2022
Deferred tax assets (liabilities):          
Net operating losses $ 37,268  $ 32,393 
Tax credits 5,854  5,706 
Capitalized research and development 6,945  6,567 
Stock-based compensation 3,557  3,532 
Basis difference in tangible and intangible assets, net 1,843  2,299 
Accrued compensation 118  585 
Installment sale and revenue recognition 1,601  1,566 
Other reserves 336  395 
Lease liability 410  523 
Prepaid expenses (118) (248)
Right-of-use asset (286) (408)
Goodwill (774) (702)
Total deferred tax assets, net 56,754  52,208 
Less valuation allowance (56,909) (52,349)
Net deferred taxes $ (155) $ (141)
Schedule of Reconciliation of Income Tax Expenses Between Federal Statutory Rate and Effective Income Tax Rate
The income tax expense for the years ended December 31, 2023 and 2022 differed from the amounts computed by applying the U.S. federal income tax rate of 21% as follows:
  December 31,
  2023 2022
Federal statutory rate 21.00  % 21.00  %
Goodwill impairment (2.60) — 
Stock compensation (1.40) (2.72)
State taxes 0.03  (0.01)
Research tax credit 0.47  2.01 
Other —  (0.19)
Valuation allowance (17.54) (20.15)
Effective income tax rate (0.04) % (0.06) %