Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Income Before Income Tax Domestic and Foreign |
Net loss before income taxes was attributable to the following geographic locations for the fiscal years 2023, 2022 and 2021 (in thousands).
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Fiscal Years
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2023 |
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2022 |
|
2021 |
| United States |
$ |
(207,948) |
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|
$ |
(51,496) |
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|
$ |
(125,797) |
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| Foreign |
(6,817) |
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|
(126) |
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|
(77) |
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| Net loss before income taxes |
$ |
(214,765) |
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|
$ |
(51,622) |
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|
$ |
(125,874) |
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|
| Schedule of Components of Income Tax Expense (Benefit) |
The following table summarizes the provision (benefit) for income taxes (in thousands).
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Fiscal Year |
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2023 |
| Current: |
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| Foreign |
$ |
180 |
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| Total current |
180 |
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| Deferred: |
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| Foreign |
(813) |
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| Total deferred |
(813) |
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| Total provision |
$ |
(633) |
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| Schedule of Effective Income Tax Rate |
The following table shows the differences between the effective tax rate and the U.S. federal statutory tax rate for the fiscal years 2023, 2022 and 2021.
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Fiscal Years
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2023 |
|
2022 |
|
2021 |
| Federal statutory tax rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
| State and local income taxes, net of federal benefit |
5.8 |
% |
|
16.2 |
% |
|
3.7 |
% |
| Foreign rate differential |
0.1 |
% |
|
— |
% |
|
— |
% |
| Non-deductible warrant expense |
0.6 |
% |
|
30.6 |
% |
|
(9.4 |
%) |
| Transaction costs |
(0.1 |
%) |
|
— |
% |
|
— |
% |
| Federal tax credits |
3.8 |
% |
|
(1.7 |
%) |
|
0.3 |
% |
| Share-based compensation |
(1.4 |
%) |
|
(3.5 |
%) |
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(0.8 |
%) |
| Impact of changes in valuation allowance |
(26.6 |
%) |
|
(62.4 |
%) |
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(14.6 |
%) |
| Uncertain position |
(1.9 |
%) |
|
— |
% |
|
— |
% |
| Rate change |
1.2 |
% |
|
— |
% |
|
— |
% |
| Other |
(2.2 |
%) |
|
(0.2 |
%) |
|
(0.2 |
%) |
| Effective tax rate |
0.3 |
% |
|
— |
% |
|
— |
% |
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| Schedule of Deferred Tax Assets (Liabilities) |
The following table shows the components of deferred tax assets (liabilities) as of December 31, 2023 and January 1, 2023.
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December 31, 2023 |
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January 1,
2023 |
| Gross deferred tax assets: |
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| Lease liabilities |
$ |
2,317 |
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$ |
2,479 |
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| Inventory reserve |
523 |
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— |
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| Deferred revenue |
1,056 |
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|
1,056 |
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| Share-based compensation |
5,481 |
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|
4,455 |
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| Capitalized research and experimental expenses |
24,031 |
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11,891 |
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| Credit carryovers |
11,149 |
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|
3,926 |
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| Net operating losses |
112,707 |
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|
82,113 |
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| Transaction costs |
1,390 |
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|
1,502 |
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| Depreciation and amortization |
6,615 |
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|
1,347 |
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| Other |
296 |
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— |
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| Total gross deferred tax assets |
165,565 |
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|
108,769 |
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| Valuation allowance |
(164,207) |
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(107,053) |
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| Total deferred tax assets, net of valuation allowance |
1,358 |
|
|
1,716 |
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| Deferred tax liabilities: |
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| Intangible assets |
(10,091) |
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|
— |
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| Inventory fair value adjustment |
(439) |
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— |
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| Right-of-use asset |
(1,625) |
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(1,716) |
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| Other |
(6) |
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— |
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| Total deferred tax liabilities |
(12,161) |
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(1,716) |
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| Net deferred tax liabilities |
$ |
(10,803) |
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|
$ |
— |
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| Schedule of Unrecognized Tax Benefits |
The following table summarizes the activities related to unrecognized tax benefits for the fiscal years 2023, 2022 and 2021.
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Fiscal Years |
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2023 |
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2022 |
|
2021 |
| Balance at beginning of fiscal year |
$ |
4,428 |
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$ |
5,048 |
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$ |
4,368 |
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| Increases related to current year tax positions |
4,543 |
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|
549 |
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|
537 |
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| Increases related to the prior year tax positions |
3,192 |
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|
12 |
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|
143 |
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| Decreases related to prior year tax positions |
— |
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(1,181) |
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— |
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| Balance at end of fiscal year |
$ |
12,163 |
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$ |
4,428 |
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$ |
5,048 |
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