Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

(Loss) income before income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2023		2022
Domestic	$	(48,606)	$	9,620
Foreign	76		(224)
(Loss) income before income taxes	$	(48,530)	$	9,396

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2023		2022
Current:
Federal	$	—	$	—
State	—		—
Foreign	16		16
Total Current	16		16
Deferred:
Federal	—		—
State	—		—
Foreign	—		—
Total Deferred	—		—
Provision for income taxes	$	16	$	16

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
	2023		2022
U.S. federal provision (benefit) at statutory rate	21.0	%	21.0	%
State taxes, net of federal benefit	1.6		(19.4)
Other permanent items	(0.6)		(0.8)
Stock-based compensation	(2.7)		4.4
Research and development credits	1.1		(8.3)
Transaction costs	—		(8.2)
Change in valuation allowance	(21.1)		183.5
Remeasurement of earnout liability	0.5		(172.1)
Effective tax rate	(0.1)	%	0.2	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforward	$	33,441	$	28,199
Section 174 capitalized research and development expenses	8,851		5,489
Research and development credits	6,765		5,319
Operating lease liabilities	2,263		107
Stock-based compensation	1,592		1,373
Other	616		769
Total deferred tax assets	53,528		41,256
Valuation allowance	(51,384)		(41,159)
Total deferred tax assets after valuation allowance	2,144		97
Deferred tax liabilities:
Operating lease right-of use assets	(2,144)		(97)
Total deferred tax liabilities	(2,144)		(97)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the aggregate changes in the total gross amount of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2023		2022
Unrecognized tax benefits as of the beginning of the year	$	4,029	$	2,569
Increases related to prior year tax provisions	—		244
Increase related to current year tax provisions	1,059		1,216
Unrecognized tax benefits as of the end of the year	$	5,088	$	4,029