Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income tax (benefit) expense consists of the following (in thousands):


	Years Ended December 31,
	2023		2022
Current tax provision:
Current federal provision	$	—	$	—
Current state provision	76		—
Current foreign provision	1,204		—
Total current provision	1,280		—
Deferred tax provision:
Deferred federal provision	—		—
Deferred state provision	—		—
Deferred foreign provision	—		—
Total tax provision	$	1,280	$	—

Schedule of effective income tax rate reconciliation

A reconciliation of the expected income tax (benefit) expense computed at the statutory federal rate to income taxes as reflected in the consolidated financial statements was as follows:


	Years Ended December 31,
	2023		2022
Income tax benefit computed at federal statutory tax rate	21.0	%	21.0	%
State tax—net of federal	4.2	%	8.0	%
Federal credits	3.5	%	1.4	%
State credits	1.4	%	0.1	%
Other permanent differences	(0.2)	%	(0.8)	%
Withholding tax	(0.9)	%	—	%
Stock-based compensation	(2.8)	%	(3.0)	%


Valuation allowance	(27.2)	%	(26.7)	%
Total	(1.0)	%	—	%

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax

credit carryforwards. Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating losses	$	61,036	$	54,300
Capitalized research and experimental expenditures	51,401		27,568
Operating lease liability	20,611		21,443
R&D and investment tax credits	18,049		11,519
Stock-based compensation	9,061		6,296
Deferred revenue	3,881		8,457
Foreign tax credit	1,204		—
Capitalized start-up costs	555		699
Unrealized gain/loss	—		1,090
Other	27		354
Total gross deferred tax assets	165,825		131,726
Deferred tax liabilities:
Right-of-use asset	(18,573)		(19,868)
Fixed assets	(1,663)		(1,738)

Less: valuation allowance	(145,589)		(110,120)
Net deferred taxes	$	—	$	—