Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Components of Income Taxes (Benefit)

The Company’s benefit from income taxes is as follows:

	December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	—
State		—		—		—
		—		—		—
Deferred:
Federal		—		—		—
State		—		—		—
		—		—		—
Benefit from income taxes	$	—	$	—	$	—

Schedule of Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to that Reflected in Operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

	December 31,
	2023		2022		2021
Income taxes using U.S. federal statutory rate	21.00	%	21.00	%	21.00	%
State income taxes, net of federal benefit	5.30	%	(1.00)	%	7.84	%
Impact of R&D tax credit on effective tax rate	3.68	%	4.91	%	2.87	%
Stock option shortfalls and cancellations	(1.22)	%	(3.33)	%	(4.74)	%
Permanent items and other	(0.89)	%	(1.86)	%	(1.29)	%
Change in valuation allowance	(27.34)	%	(19.88)	%	(25.69)	%
Provision to return	(0.53)	%	0.16	%	0.01	%
	0.00	%	0.00	%	0.00	%

Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2023		2022
Valuation allowance	$	(192,791)	$	(160,814)
Net operating loss carryforwards		123,739		113,058
Federal and state tax credits		31,245		26,358
Stock-based compensation expense		3,855		3,434
Intangible asset amortization		33,162		17,265
Other		2,101		1,167
Deferred tax assets		194,102		161,282
Other		(1,311)		(468)
Deferred tax liabilities:		(1,311)		(468)
Net deferred tax asset:	$	—	$	—