Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The components of the income tax expense for the years ended December 31, 2023 and 2022 (in thousands) were:

	Year Ended December 31,
	2023		2022
Current:
Federal	$	14,962	$	—
State	3,779		—
Foreign	—		—
Total current tax provision	18,741		—
Deferred:
Federal	—		—
State	—		—
Foreign	—		—
Total deferred tax provision	—		—
Total income tax provision	$	18,741	$	—

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

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
Federal statutory income tax rate	21.0%	21.0%
State income taxes, net of federal benefit	5.1	5.5
Federal and state research and development tax credits	-50.3	5.0
Non-deductible stock compensation and non-taxable items	11.3	(1.4)
Change in deferred tax asset valuation allowance	170.3	(30.1)
Change in state tax rates	(1.9)	—
Effective income tax rate	155.5%	—%

Schedule of Net Deferred Tax Assets

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	$	3,617	$	32,148
Research and development tax credit carryforwards	2,706		7,679
Intangible assets	2,326		1,142
Capitalized research and development expenses	32,803		15,747
Deferred revenue	36,726		—
Lease liability	22,581		7,031
Stock compensation	1,709		1,109
Other	—		34
Total deferred tax assets	102,468		64,890
Deferred tax liabilities:
Property and equipment	(2,044)		(298)
Right-of-use asset	(22,237)		(6,869)
Prepaid expenses	(281)		(304)
Total deferred tax liabilities	(24,562)		(7,471)
Valuation allowance	(77,906)		(57,419)
Net deferred tax assets	$	—	$	—