Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax

For the years ended December 31, 2023, 2022, and 2021, income (loss) before income taxes consisted of the following:

(In thousands)	2023		2022		2021
Domestic	$	48,662	$	(89,440)	$	(56,165)
Foreign	215		91		47
Total income (loss) before income taxes	$	48,877	$	(89,349)	$	(56,118)

Schedule of Components of Income Tax Expense

For the years ended December 31, 2023, 2022, and 2021, the components of the income tax provision were as follows:

(In thousands)	2023		2022		2021
Current:
Federal	$	(978)	$	—	$	—
State	(902)		(494)		(120)
Foreign	(110)		(42)		(2)
Total current	$	(1,990)	$	(536)	$	(122)
Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total deferred	$	—	$	—	$	—
Income tax provision	$	(1,990)	$	(536)	$	(122)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2023, 2022, and 2021 were as follows:

	2023		2022		2021
Tax at federal statutory rate	21.00	%	21.00	%	21.00	%
State tax, net of federal benefit	1.42		(0.38)		(0.19)
Stock-based compensation	10.85		(4.02)		44.13
Officer’s compensation limitation	6.81		(1.51)		—
Foreign-derived intangible income benefit	(5.56)		—		—
Other items	(0.79)		(0.60)		(0.16)
Research and development credits	(9.43)		4.36		7.04
Net operating loss expiration	9.91		—		(8.08)
Change in valuation allowance	(30.14)		(19.45)		(63.95)
Effective tax rate	4.07	%	(0.60)	%	(0.21)	%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the significant components of the Company’s deferred tax assets and liabilities were as follows:

(In thousands)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	44,562	$	80,296
Stock-based compensation	8,766		7,628
Operating lease liability	2,708		4,066
Accrued liabilities, reserves and other	9,797		10,216
Capitalized research and development	50,396		33,179
Tax Credits	25,609		24,470
Gross deferred tax assets	141,838		159,855
Valuation allowance	(140,339)		(157,353)
Total deferred tax assets	1,499		2,502
Deferred tax liabilities:
Prepaid expenses	(502)		(753)
Operating lease asset	(997)		(1,749)
Total deferred tax liabilities	(1,499)		(2,502)
Net deferred tax assets	$	—	$	—

Schedule of Valuation Allowance

The change in valuation allowance for deferred tax assets was as follows for the periods presented:

(In thousands) Year Ended December 31,	Balance at Beginning of Year		Additions Charged to Costs & Expenses		Additions Charged to Other Accounts		Deductions		Balance at End of Year
2023	$	157,353	$	(16,262)	$	(752)	$	—	$	140,339
2022	132,162		24,489		702		—		157,353
2021	92,390		39,772		—		—		132,162

Schedule of Unrecognized Tax Benefits

For the years ended December 31, 2023, 2022, and 2021, the activity related to the unrecognized tax benefits were as follows:

(In thousands)	2023		2022		2021
Gross unrecognized tax benefits—beginning balance	$	16,573	$	15,391	$	13,338
Increase related to tax positions taken during prior year	342		1,234		697
Decrease related to tax positions taken during prior year	(21)		(1,253)		(148)
Increase related to tax positions taken during current year	1,263		1,354		1,635
Decrease related to expiration of unrecognized tax benefit	—		(153)		(131)
Gross unrecognized tax benefits—ending balance	$	18,157	$	16,573	$	15,391