Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Summary of income tax expense by jurisdiction

Income tax (benefit) expense by jurisdiction as follows (in thousands):

	Year Ended December 31,
	2023		2022
Current
U.S. State	$	(1,538)		2,445
Foreign		—		944
Total current		(1,538)		3,389
Deferred		—		—
(Benefit) provision for income taxes	$	(1,538)	$	3,389

Summary of loss before income taxes

Loss before income taxes is allocated as follows (in thousands):

	Year Ended December 31,
	2023		2022
U.S. operations	$	142,943	$	16,427
Foreign operations		—		—
Loss before income taxes	$	142,943	$	16,427

Schedule of components of the net deferred tax asset

The components of the net deferred tax asset are as follows (in thousands):

	December 31,
	2023		2022
Gross deferred tax assets:
Net operating loss carryforwards	$	72,792	$	58,056
Accrued expenses		1,754		124
Amortization of intangible		468		454
Stock‑based compensation		8,741		8,091
Research and development and other credits and other carryforwards		39,588		30,627
Lease liability		345		440
Capitalized research and development expenses		37,643		22,382
Royalty/ deferred revenue		4,298		3,781
Capital loss		74		94
Interest carryforward		2,152		—
Other		152		64
Total gross deferred tax assets	$	168,007	$	124,113
Gross deferred tax liabilities:
ROU asset		(237)		(291)
Depreciation		(458)		(224)
Unrealized income		(209)		(192)
Total gross deferred tax liabilities		(904)		(707)
Net deferred tax assets		167,103		123,406
Less: valuation allowance		(167,103)		(123,406)
Net deferred tax assets after valuation allowance	$	—	$	—

Schedule of reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes

	Year Ended December 31,
	2023		2022
Federal income tax expense at statutory rate	21.0	%	21.0	%
Permanent items	(0.4)		(2.6)
State income tax, net of federal benefit	4.1		(9.0)
R&D tax credits	6.3		88.1
Change in state apportionment	2.5		(59.5)
Foreign withholding tax	—		(5.7)
Change in valuation allowance	(30.6)		(47.0)
Other	(1.8)		(5.9)
Effective income tax rate	1.1	%	(20.6)	%