Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

	Year ended December 31,
	2023			2022
Current:
Federal	$	(11	)	$	34
State		70			15
Provision for income taxes	$	59		$	49

Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

The difference between the effective tax rate and the U.S federal statutory rates was driven primarily due to the change in valuation allowance of our deferred tax assets, state income taxes and stock-based compensation to

the deferred tax assets in both 2023 and 2022. A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows:

	Year ended December 31,
	2023			2022
Federal statutory rate		21	%		21	%
State rate, net of federal benefit		7			12
Tax credits		(3	)		(2	)
Permanent adjustments		—			(1	)
Change in valuation allowance		(19	)		(24	)
Stock compensation		(2	)		—
Tax law change		(5	)		—
Other		—			(9	)
Effective tax rate		(1	)%		(3	)%

Schedule of Principal Components of Deferred Tax Assets

The principal components of deferred tax assets, net, were as follows at December 31 (in thousands):

	2023			2022
Stock-based compensation	$	663			554
Research and development credits		6,623		$	6,817
Capitalized research expense		3,094			1,557
Net operating loss		1,768			2,562
Loss on note receivable		644			—
Other		257			335
Total deferred tax assts		13,049			11,825
Valuation allowance		(12,504	)		(11,115	)
Deferred tax liabilities
Depreciation		(138	)		(193	)
Intangibles		(407	)		(517	)
Total deferred tax liabilities		(545	)		(710	)
Net deferred tax assets (liabilities)	$	-		$	-