Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income taxes

The Company's income tax provision was $0.1 million and $0.3 million for the three and nine months ended September 30, 2024, respectively. The Company's income tax provision was $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. The provision for income taxes primarily relates to state income taxes based on gross interest income.

The effective income tax rate for the three and nine months ended September 30, 2024 and 2023 differed from the 21% federal statutory rate primarily due to the valuation allowance maintained against the Company’s net deferred tax assets.