Income Taxes |
6 Months Ended |
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Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s effective income tax rate was -0.1% and -0.1% for the three months ended June 30, 2024 and 2023, respectively, and -0.1% and -0.1% for the six months ended June 30, 2024 and 2023, respectively. The income tax provision was $0.1 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and the income tax provision was $0.1 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively. Consistent with the prior year, for 2024 the Company assessed the requirement to capitalize and amortize research and experimentation expenditures for US tax purposes, which remains effective as of June 30, 2024. The Company is forecasting a taxable loss position in 2024 for which no tax benefit is recorded due to the valuation allowance maintained against the Company’s deferred tax assets. The effective income tax rate for the three and six months ended June 30, 2024 and 2023 differed from the 21.0% federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets. |