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 components of the Company's deferred tax assets and liabilities are as follows:

Year Ended December 31,
(in thousands)
2022 2021
Currently reportable expense
Federal
$ $
State
Deferred benefit:
Federal
14,434 6,129
State
5,948 2,163
20,382 8,292
Less valuation allowance (20,382) (8,292)
Total provision for income tax expense $ $

The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate:
Schedule of Effective Income Tax Rate Reconciliation
Year Ended December 31,
2022 2021
Federal statutory income tax rate 21.0% 14,434.0 21.0%
State tax 4.2% 14,434.0 3.3%
Stock-based compensation (5.3)% 14,434.0 (6.2)%
Non-deductible expenses (1.6)% 14,434.0 —%
Research and development credit 0.1% 14,434.0 —%
Change in valuation allowance (18.4)% 14,434.0 (16.3)%
Warrant revaluation —% 14,434.0 (1.8)%
Effective tax rate —  % —  %
Schedule of Deferred Tax Assets and Liabilities
December 31,
(in thousands)
2022 2021
Gross deferred tax assets arising from
Net operating loss carryforwards $ 27,953 $ 11,619
ASC 842 lease liability 3,317 3,661
Acquired intangibles 1,082
Accruals and reserves 1,418
Capitalized research expenditures 2,210
Capitalized SPAC transaction costs 1,207
Gross deferred tax assets 35,980 16,487
Deferred tax liabilities arising from:
Deferred franchise tax (598)
ASC 842 right-of-use asset (2,749) (3,071)
Depreciation (1,744) (1,714)
Gross deferred tax liabilities (4,493) (5,383)
Net deferred tax assets before valuation allowance 31,487 11,104
Less valuation allowance (31,487) (11,104)
Net deferred tax assets $ $