Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Effective Income Tax Rate

The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows:

	December 31,
	2023			2022
Tax effected at statutory rate		21.0	%		21.0	%
State taxes		6.0	%		7.0	%
Stock-based compensation		(1.3	%)		(0.5	%)
Executive compensation		(1.7	%)		(0.7	%)
Federal research and development credits		4.4	%		1.3	%
Change in valuation allowance		(28.5	%)		(28.1	%)
Total		(0.1	%)		—	%

Summary of Total Deferred Tax Assets

The Company's total deferred tax assets at December 31, 2023 and 2022 are as follows (in thousands):

	December 31,
	2023			2022
Deferred Tax Assets
Net operating loss carryforward	$	9,395		$	6,137
R&D credit carryovers		3,985			1,015
Section 174 R&D amortization		13,819			5,093
Operating lease liabilities		1,134			1,309
Accrued expenses and other current liabilities		919			528
Capitalized licenses		3,482			2,039
Other		554			226
		33,288			16,347
Valuation allowance		(31,761	)		(14,562	)
Deferred tax asset		1,527			1,785
Deferred Tax Liabilities
Property and equipment		(457	)		(531	)
Operating lease right-of-use assets		(1,070	)		(1,254	)
Deferred tax liability		(1,527	)		(1,785	)
Net deferred tax asset	$	—		$	—