Annual report pursuant to Section 13 and 15(d)

Provision for Income Taxes (Tables)

v3.24.1
Provision for Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The Company’s effective income tax rate reconciliation is composed of the following for the periods presented:
Year Ended December 31,
2023 2022 2021
Federal statutory rate 21.0  % 21.0  % 21.0  %
Stock-based compensation (9.2) % (7.3) % (0.6) %
Remeasurement of derivative liabilities 0.1  % 17.5  % (0.2) %
Other —  % 0.4  % —  %
Change in valuation allowance (12.0) % (31.6) % (20.2) %
Provision for income taxes (0.1) % —  % —  %
Schedule of Deferred Tax Assets and Liabilities
The components of net deferred tax assets are as follows (in thousands):
December 31,
2023 2022
Deferred tax assets:
Net operating loss carryforwards $ 125,850  $ 119,345 
Deferred revenue 1,745  2,581 
Inventory reserve and uniform capitalization 2,509  3,365 
Operating lease liabilities 4,364  4,720 
Accruals and other reserves 1,332  1,876 
Stock-based compensation 5,570  6,856 
Business Interest Carryforwards 7,660  4,840 
Other 268  268 
Total deferred tax assets 149,298  143,851 
Less: valuation allowance (145,711) (139,033)
Total deferred tax assets, net of valuation allowance 3,587  4,818 
Deferred tax liabilities:
Operating lease right-of-use assets (2,344) (2,933)
Depreciation and amortization (1,243) (1,885)
Total deferred tax liabilities (3,587) (4,818)
Net deferred tax assets $ —  $ — 
Summary of Valuation Allowance
The following summarizes the activity related to valuation allowances on deferred tax assets:
December 31,
2023 2022
Valuation allowance, as of beginning of year $ 139,033  $ 107,301 
Valuation allowance established 5,947  31,270 
Changes to existing valuation allowances 731  462 
Valuation allowance, as of end of year $ 145,711  $ 139,033