Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2023				2022				2021
Federal statutory income tax rate		21.0		%		21.0		%		21.0		%
State taxes, net of federal benefit		6.9				7.3				5.2
Federal and state research and development tax credits		(0.3	)			2.3				5.6
Nondeductible items		(0.3	)			2.8				(2.0	)
Stock-based compensation		(5.8	)			(16.0	)			10.9
Deferred taxes on acquisition		—				2.5				11.4
Other		1.4				—				0.4
Change in valuation allowance		(24.0	)			(19.9	)			(41.1	)
Effective income tax rate		(1.1	)	%		—		%		11.4		%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	30,638		$	24,621
Capitalized research and development		11,793			7,186
Research and development tax credit carryforwards		9,183			7,950
Accrued expenses and other current liabilities		388			307
Property and equipment		293			271
Intangible assets		233			—
Stock-based compensation		2,233			2,593
Operating lease liability		573			1,706
Other		238			156
Total deferred tax assets		55,572			44,790
Valuation allowance		(53,948	)		(41,755	)
Net deferred tax assets		1,624			3,035
Deferred tax liabilities:
Capitalized software development costs		(1,195	)		(1,313	)
Operating lease right-of-use assets		(429	)		(1,529	)
Intangible assets		—			(193	)
Total deferred tax liabilities		(1,624	)		(3,035	)
Net deferred tax assets and liabilities	$	—		$	—

Summary of Changes in Valuation Allowance

The changes in the valuation allowance were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Valuation allowance as of beginning of year	$	41,755	$	36,921	$	30,558
Decreases recorded to accumulated deficit		—		—		(159	)
Decreases recorded as a benefit to income tax provision		—		—		(2,510	)
Increases recorded to tax provision		12,193		4,834		9,032
Valuation allowance as of end of year	$	53,948	$	41,755	$	36,921