Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Loss Before Income Taxes

Loss before income taxes consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Domestic loss

 

$

(53,898

)

 

$

(69,072

)

Foreign loss

 

 

(9,986

)

 

 

(20,017

)

Loss before income taxes

 

$

(63,884

)

 

$

(89,089

)

Summary of Income Tax Provision

The income tax provision consists of the following:

 

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

Current income tax provisions:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

(176

)

 

 

386

 

Current income tax provision

 

 

(176

)

 

 

386

 

Deferred income tax expense:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

248

 

 

 

(64

)

Deferred income tax expense

 

 

248

 

 

 

(64

)

Total income tax provision

 

$

72

 

 

$

322

 

 

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table presents a reconciliation of the federal statutory rate of 21% to effective tax rate:

 

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

U.S. federal tax benefit at statutory rate

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

2.5

%

 

 

4.2

%

Foreign rate differential

 

 

0.7

%

 

 

1.3

%

Contingent earnout

 

 

 

 

 

2.3

%

Stock-based compensation

 

 

(1.6

)%

 

 

(0.8

)%

UK R&D expenditure

 

 

1.2

%

 

 

 

GILTI inclusion

 

 

(2.6

)%

 

 

 

Deferred tax adjustments

 

 

(5.7

)%

 

 

 

Non-deductible expenses and other

 

 

(0.6

)%

 

 

3.0

%

Change in valuation allowance, net

 

 

(15.0

)%

 

 

(31.3

)%

Effective tax rate

 

 

(0.1

)%

 

 

(0.3

)%

Summary of Significant Components of Deferred Tax Assets (Liabilities)

The significant components of deferred tax assets (liabilities) are as follows:

 

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforward

 

$

98,300

 

 

$

97,737

 

Research and development credit carryforward

 

 

4,560

 

 

 

6,402

 

Interest expense limitation carryforward

 

 

5,141

 

 

 

 

Stock-based compensation

 

 

1,709

 

 

 

1,836

 

Property and equipment

 

 

6,030

 

 

 

3,533

 

Operating lease liabilities

 

 

1,891

 

 

 

1,965

 

Sec 174 Capitalized R&D

 

 

8,416

 

 

 

3,424

 

Intangibles

 

 

233

 

 

 

56

 

Other accruals

 

 

4,848

 

 

 

3,422

 

Gross deferred tax assets

 

 

131,128

 

 

 

118,375

 

Less: Valuation allowance

 

 

(113,503

)

 

 

(102,480

)

Net deferred tax assets

 

 

17,625

 

 

 

15,895

 

Deferred tax liabilities

 

 

 

 

 

 

Intangibles

 

 

(13,165

)

 

 

(13,945

)

Operating lease right-of-use assets

 

 

(1,785

)

 

 

(1,950

)

Foreign property and equipment and intangibles

 

 

(708

)

 

 

(771

)

Other accruals

 

 

(3,036

)

 

 

 

Gross deferred tax liabilities

 

 

(18,694

)

 

 

(16,666

)

Net deferred tax liabilities

 

$

(1,069

)

 

$

(771

)