Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):

	Year Ended			Year Ended
	December 31,			December 31,
	2023			2022
U.S. operations	$	(70,812	)	$	(102,354	)
Non-U.S. operations		100			100
Loss before income taxes	$	(70,712	)	$	(102,254	)

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

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	December 31,				December 31,
	2023				2022
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.5				5.8
Non-U.S. income tax rate differential		—				—
Change in fair value of derivative		—				—
Change in federal tax rate		—				—
Research and development tax credits		1.3				1.0
Permanent items		(0.5	)			(1.5	)
Changes in valuation allowance		(30.4	)			(25.5	)
Other, net		1.0				(0.8	)
Effective income tax rate		(0.1	)	%		—		%

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	82,599	$	88,584
Capitalized R&D		23,652		12,226
Deferred revenue		16,196		4,033
Lease liability		1,635		1,793
Stock-based compensation		11,720		9,461
Tax credits		8,473		6,916
Other		3,515		3,433
Total deferred tax assets		147,790		126,446
Deferred tax liabilities:
Right-of-use assets		1,361		1,650
Total deferred tax liabilities		1,361		1,650
Deferred tax assets, net		146,429		124,796
Valuation allowance		146,429		124,796
Total deferred tax liability	$	—	$	—