Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

Provision for income taxes consists of the following:

	For the Year ended December 31,
	2023		2022
	(in thousands)
Federal tax provision:
Current	$	—	$	698
Deferred		—		—
Total federal tax provision		—		698
State tax provision:
Current		—		17
Deferred		—		—
Total state tax provision		—		17
Total tax provision	$	—	$	715

Schedule of Reconciliation between U.S. Federal Statutory Tax Rate and Effective Tax Rate

A reconciliation between the U.S. federal statutory tax and the Company’s tax provision is summarized below.

	For the Year ended December 31,
	2023			2022
	(in thousands)
Federal statutory rate	$	(23,722	)	$	(901	)
Tax credits		(7,699	)		(13,955	)
State taxes, net of federal tax benefit		(8,496	)		(2,994	)
Non-deductible expenses		595			875
Other		(2,351	)		1,410
Change in valuation allowance		41,673			16,280
Tax provision	$	—		$	715

Schedule of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities consist of the following:

	For the Year ended December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating losses	$	88,552		$	76,735
R&D credits		79,094			66,761
Equity compensation		8,215			7,888
Operating lease liabilities		356			8,003
Accrued expense and other		9,351			1,479
Deferred revenue		—			314
Capitalized R&D costs		35,987			24,477
Total deferred tax assets		221,555			185,657
Deferred tax liabilities:
Right-of-use assets		(176	)		(5,583	)
Depreciation		(54	)		(171	)
Other		—			(251	)
Total deferred tax liabilities		(230	)		(6,005	)
Valuation allowance		(221,325	)		(179,652	)
Net deferred taxes	$	—		$	—

Schedule of valuance allowance

A roll forward of the valuation allowance is as follows:

(in thousands)	Valuation Allowance
Balance at December 31, 2022	$	(179,652	)
Utilization of net operating losses against taxable income		—
Increase in net deferred taxes		(41,673	)
Balance at December 31, 2023	$	(221,325	)