Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

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

	Year Ended December 31,
	2023			2022			2021
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes		1.3	%		1.9	%		0.7	%
Change in valuation allowance		(29.1	%)		(23.4	%)		(25.2	%)
Stock Based Compensation		0.7	%		(1.2	%)		(0.2	%)
Research tax credits		8.3	%		4.4	%		3.8	%
Other permanent differences		(0.1	%)		(0.1	%)		(0.1	%)
Section 162(m) Limitation		(2.1	%)		(2.6	%)		0.0	%
Provision for income taxes		0.0	%		0.0	%		0.0	%

Schedule of Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands):

	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	34,717		$	31,777
Research and development credit carryforwards		19,997			9,454
Lease liability		610			739
Intangible assets		1,096			1,166
Stock-based compensation		2,593			1,713
Accruals and reserves		1,257			1,666
Deferred revenue		-			2,881
Capitalized research & development expenditures		36,267			15,134
Gross deferred tax assets		96,537			64,530
Less: Valuation allowance		(95,888	)		(63,761	)
Deferred tax assets, net of valuation allowance		649			769
Deferred tax liabilities:
Right-of-use assets		(477	)		(527	)
Property and equipment		(172	)		(242	)
Net deferred tax assets	$	—		$	—

Summary of Activity Related to Company?s Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands).

Balance as of January 1, 2022	$	1,304
Increase related to prior year tax positions		51
Increase related to current year tax positions		607
Balance as of December 31, 2022	$	1,962
Increase related to prior year tax positions		372
Increase related to current year tax positions		1,488
Balance as of December 31, 2023	$	3,822