Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Components of deferred tax asset

	December 31,
	2023		2022
	(in thousands)
Deferred tax assets – non-current
Accrued bonuses	$	22	$	63
Accrued vacation		24		28
Net operating loss (NOL) carryover		18,550		15,818
Research & development tax credits		4,769		2,509
Share based expense		750		671
Other		3		3
Right of use lease liability		24		46
Fixed asset depreciation		50		44
Total deferred tax asset		24,192		19,182
Less: valuation allowance		(24,171)		(19,140)
Net deferred tax asset		21		42
Right of use asset		(21)		(42)
Net deferred tax asset	$	—	$	—

Schedule of effective income tax rate reconciliation

	December 31,
	2023		2022
	(in thousands)
Loss before income taxes	$	(16,078)	$	(13,868)
Tax (benefit) at statutory tax rate		(3,376)		(2,912)
Effects of:
Exclusion of incentive stock option expense		74		80
R&D tax credits		(2,261)		844
Increase in valuation allowance		5,031		98
FMV of warrants		57		—
Section 382 limit - NOL		—		1,890
Other		475		—
Provision for income taxes	$	—	$	—