Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of the net loss consist of the following (in thousands):

Components of the net loss consist of the following (in thousands): 

               
    Year ended December 31,  
    2023     2022  
Foreign   $ (98,204 )   $ (88,478 )
Domestic     (18,454 )     (21,740 )
Total   $ (116,658 )   $ (110,218 )
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

                 
    Year Ended December 31,  
    2023     2022  
Statutory federal income tax     (21.0 )%     (21.0 )%
Change in valuation allowance     11.7 %     9.6 %
Foreign loss not subject to income tax     7.2 %     7.0 %
Attribute reduction from control change     0.9 %     4.0 %
Other     1.2 %     0.4 %
Income Tax Provision     0.0 %     0.0 %
Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2023 and 2022 were as follows (in thousands):

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2023 and 2022 were as follows (in thousands):

                 
    December 31,  
    2023     2022  
Deferred tax assets/(liabilities):                
Net operating loss carryforward   $ 32,997     $ 21,642  
Stock-based compensation     10,276       7,353  
Other     2,211       1,997  
Total deferred assets     45,484       30,992  
                 
Valuation allowance     (45,484 )     (30,992 )
                 
Net deferred tax assets   $ —     $ —