Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Company's Profit (Loss) Before Income Taxes and Tax Provisions

The components of the Company’s profit (loss) before income taxes are as follows:

	Year Ended
	December 31,
(in thousands)	2022			2021
Profit (loss) before income taxes:
Domestic		(24,673	)	$	3,685
Foreign		(1,133	)		226
Total	$	(25,806	)	$	3,911

The components of the income tax expense (benefit) are as follows:

	Year Ended December 31,
(in thousands)	2022			2021
Current Provision
Federal	$	—		$	—
State	3				1
Foreign	69				55
Total current provision	72				56
Deferred Provision
Federal		(136	)		—
State		(52	)		—
Foreign		(302	)		—
Total deferred expense (benefit)		(490	)		—
Total income tax expense (benefit)	$	(418	)	$	56

Schedule of Overall Effective Income Tax Rate

The overall effective tax rate differs from the statutory US federal tax rate as follows:

	Year Ended December 31,
	% of Pretax Profit (Loss)
	2022			2021
Statutory US federal tax rate		21.00	%		21.00	%
State income taxes, net of federal benefit		5.88			(51.05	)
Stock-based compensation		(8.24	)		26.08
Nondeductible expenses		—			1.44
Global intangible low-taxed income		—			1.17
Fair market value change in warrants and earn out liabilities		47.85			(337.50	)
Transaction costs		(1.26	)		(25.85	)
Officer's compensation		(0.69	)		26.36
Research and development credits		32.93			(11.95	)
Valuation allowance		(91.07	)		356.34
Change in statutory tax rate		(1.05	)		(3.26	)
Other		(3.80	)		(1.39	)
Effective tax rate		1.55	%		1.39	%

Schedule of Components of the Company's Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows:

	December 31,
(in thousands)	2022			2021
Deferred tax assets
Lease liability	$	11,220		$	—
Capitalized research and development costs		9,453			—
Stock compensation		2,296			2,138
Reserves		824			647
Deferred revenue		778			577
Accrued expenses		509			369
Amortization		200			174
Deferred expenses		—			446
Net operating losses		33,690			27,846
Research and development credits		12,260			3,717
Other credits		254			74
Gross deferred tax assets	$	71,484		$	35,988
Less: Valuation allowance		(59,514	)		(36,009	)
Deferred tax liabilities
Right-of-use assets		(10,599	)		—
Acquired intangible assets		(3,690	)		—
Depreciation		(464	)		21
Net deferred tax assets	$	(2,783	)	$	—

Schedule of Deferred Income Tax Asset Valuation Allowance

The following table presents the changes in the balance of the Company’s deferred income tax asset valuation allowance:

	Year Ended December 31,
(in thousands)	2022		2021
Balance at beginning of year	$	36,009	$	21,466
Additions charged to expense		23,505		14,543
Balance at end of year	$	59,514	$	36,009