Income Tax (Tables)
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12 Months Ended |
Jan. 01, 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 2022, 2021 and 2020 (in thousands).
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Fiscal Years
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2022 |
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2021 |
|
2020 |
| United States |
$ |
(51,496) |
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|
$ |
(125,797) |
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|
$ |
(39,637) |
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| Foreign |
(126) |
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(77) |
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(13) |
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| Net loss before income taxes |
$ |
(51,622) |
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$ |
(125,874) |
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$ |
(39,650) |
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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 2022, 2021 and 2020.
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Fiscal Years
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2022 |
|
2021 |
|
2020 |
| Federal statutory tax rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
| State and local income taxes, net of federal benefit |
16.2 |
% |
|
3.7 |
% |
|
4.3 |
% |
| Change in fair value of convertible promissory notes |
— |
% |
|
— |
% |
|
(1.3 |
%) |
| Non-deductible convertible preferred stock warrant expense |
30.6 |
% |
|
(9.4 |
%) |
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(8.1 |
%) |
| Federal tax credits |
(1.7 |
%) |
|
0.3 |
% |
|
0.5 |
% |
| Share-based compensation |
(3.5 |
%) |
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(0.8 |
%) |
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(0.3 |
%) |
| Extinguishment of PPP Loan |
— |
% |
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— |
% |
|
0.9 |
% |
| Impact of changes in valuation allowance |
(62.4 |
%) |
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(14.6 |
%) |
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(16.9 |
%) |
| Other |
(0.2 |
%) |
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(0.2 |
%) |
|
(0.1 |
%) |
| Effective tax rate |
— |
% |
|
— |
% |
|
— |
% |
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| Schedule of Deferred Tax Assets (Liabilities) |
eferred tax assets (liabilities) as of January 1, 2023 and January 2, 2022.
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January 1, 2023 |
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January 2,
2022 |
| Gross deferred tax assets: |
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| Lease liabilities |
$ |
2,479 |
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$ |
2,687 |
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| Deferred revenue |
1,056 |
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2,201 |
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| Share-based compensation |
4,455 |
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|
1,769 |
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| Capitalized research and experimental expenses |
11,891 |
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— |
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| Federal and state credit carryovers |
3,926 |
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|
4,604 |
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| Federal and state net operating losses |
82,113 |
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63,522 |
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| Transaction costs |
1,502 |
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1,656 |
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| Depreciation and amortization |
1,347 |
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|
250 |
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| Total gross deferred tax assets |
108,769 |
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76,689 |
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| Valuation allowance |
(107,053) |
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(74,823) |
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| Total deferred tax assets, net of valuation allowance |
1,716 |
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1,866 |
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| Deferred tax liabilities: |
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| Right-of-use asset |
(1,716) |
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(1,866) |
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| Total deferred tax liabilities |
(1,716) |
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(1,866) |
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| Net deferred tax assets |
$ |
— |
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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 2022, 2021 and 2020.
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Fiscal Years |
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2022 |
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2021 |
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2020 |
| Balance at beginning of fiscal year |
$ |
5,048 |
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$ |
4,368 |
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$ |
3,974 |
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| Increases related to current year tax positions |
549 |
|
|
537 |
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|
394 |
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| Increases related to the prior year tax positions |
12 |
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|
143 |
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— |
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| Decreases related to prior year tax positions |
(1,181) |
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— |
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— |
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| Balance at end of fiscal year |
$ |
4,428 |
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$ |
5,048 |
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$ |
4,368 |
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