Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Tax

The Company did not record a provision (benefit) for income taxes for the years ended December 31, 2023 and 2022. Net loss is attributable to the following tax jurisdictions (in thousands):

	Year Ended December 31,
	2023			2022
United States	$	(117,440	)	$	(95,778	)
Foreign		(232	)		139
Net Loss	$	(117,672	)	$	(95,639	)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount expected by applying the federal statutory rates to the net loss before taxes as follows:

	Year Ended December 31,
	2023			2022
Federal statutory income tax rate		21.0	%		21.0	%
State taxes		—			(0.4	)
Stock-based compensation		(1.1	)		(1.3	)
Non-deductible expenses and others		(0.1	)		(0.1	)
Tax credits		4.2			2.2
Change in valuation allowance		(24.0	)		(21.4	)
Effective income tax rate		—	%		—	%

Components of Deferred Tax Assets and Liabilities

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

	Year Ended December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	31,342		$	24,092
Research and development tax credit    carryforwards		9,327			4,218
Accrued liabilities		2,828			2,781
Stock-based compensation		2,564			1,676
Operating lease liability		333			404
Other		180			121
Capitalized research and development		25,182			10,729
Total deferred tax assets		71,756			44,021
Deferred tax liabilities:
Right of use asset		(221	)		(267	)
Prepaid expenses and other		(75	)		(475	)
Investments		(214	)		(294	)
Total deferred tax liabilities		(510	)		(1,036	)
Less valuation allowance		(71,246	)		(42,985	)
Net deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits for Uncertain Tax Positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits for uncertain tax positions were as follows (in thousands):

	Year Ended December 31,
	2023		2022
Beginning balance	$	1,406	$	722
Additions for tax positions taken in prior    years		182		-
Additions for tax positions taken in the current    year		1,521		684
Ending balance	$	3,109	$	1,406