Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Statutory Federal Income Tax

A reconciliation of the statutory federal income tax with the provision for income taxes are as follows:


	Year Ended December 31,
	2023		2022
Federal tax at statutory rate	21.0	%	21.0	%
State income tax, net of federal benefit	3.4		1.8

Other permanent items	(0.9)		(0.1)
Change in tax rate	1.3		—
Officers Compensation	(0.7)		(1.7)

Research credit	5.4		2.4
Change in valuation allowance	(29.5)		(23.4)
Effective tax rate	—	%	—	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	43,686	$	38,548
Research and development tax credits	8,734		5,168
Section 174 capitalized research expense	14,153		5,417
Other	6,131		4,219
Total deferred tax assets	72,704		53,352
Valuation allowance	(72,144)		(52,766)
Total gross deferred tax assets, net of valuation allowance	560		586
Deferred tax liabilities:
Other	(560)		(586)
Total gross deferred tax liabilities	(560)		(586)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of Changes to Gross Unrecognized Tax Benefits

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023 and 2022 (in thousands):


	As of December 31,
	2023		2022
Balance at the beginning of year	$	3,380	$	2,674
Decrease related to prior year positions	235		2
Increase related to current year positions	982		704
Balance at the end of year	$	4,597	$	3,380