Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the income tax expense calculated at the statutory rate to our zero expense for income taxes for the years ended December 31, 2023 and December 31, 2022 were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Tax benefit at federal statutory rate	$	(23,603)	$	(27,973)
State taxes	(4,425)		(5,017)
Research tax credits	(5,454)		(15,012)
Change in valuation allowance	22,310		42,664
Stock based compensation	4,950		5,181
Change in rate	6,165		—
Other	57		157
Expense/(Benefit) for income taxes	$	—	$	—

Schedule of Deferred Taxes

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Lease liabilities	$	5,860	$	7,948
Stock-based compensation	3,894		4,755
Accrued compensation	928		1,093
Net operating loss carryforwards	68,304		58,628
Tax credit carryforwards	21,462		15,963
Capitalized Research and Development Cost	26,031		18,857
Fixed assets and intangibles	29		—
Other	20		17
Total deferred tax assets	126,528		107,261
Valuation allowance	(122,966)		(100,656)
Net deferred tax assets	3,562		6,605
Deferred tax liabilities:
Right-of-use assets	(3,562)		(6,316)
Fixed assets and intangibles	—		(289)
Total deferred tax liabilities	(3,562)		(6,605)
Net deferred tax assets	$	—	$	—

Schedule of Net Operating Loss and Research Credit Carryforwards

The following table sets forth the Company’s federal and state net operating loss and research credit carryforwards as of December 31, 2023 (in thousands)


	Amount		Expiration
Net operating losses, federal	$	268,618	Indefinite
Net operating losses, federal	$	601	2037
Net operating losses, state	$	186,045	2037-2043
Tax credits, federal	$	18,958	2037-2043
Tax credits, state	$	8,322	2038-2043

Schedule of Unrecognized Tax Benefits Roll Forward

The Company applies the provisions of ASC Topic 740 to account for uncertain income tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Balance at beginning of the year	$	3,035	$	246
Additions based on tax positions related to the current year	944		1,993
Additions to tax positions of prior years	388		796
Balance at the end of the year	$	4,367	$	3,035

Schedule of Valuation Allowance

The following table shows the change in the deferred tax valuation allowance as follows (in thousands):


	Year Ended December 31,
	2023		2022
Beginning Balance, January 1	$	100,656	$	58,713
Change charged to expense	22,310		41,943
Ending Balance, December 31	$	122,966	$	100,656