Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2023 and 2022:

	Year Ended December 31,
	2023			2022
Income tax computed at federal statutory rate %		21.0	%		21.0	%
State taxes, net of federal benefit		2.1	%		5.6	%
Share based compensation		-3.5	%		-1.7	%
Change in valuation allowance		-19.3	%		-26.6	%
Change in state apportionment		0.0	%		-0.1	%
Provision to tax return differences		-3.0	%		-0.4	%
Research and development credit carryovers		3.0	%		1.7	%
Permanent differences		-0.3	%		0.5	%
Effective income tax rate %		0.0	%		0.0	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2023 and 2022 are as follows (in thousands):

	Year Ended December 31,
	2023			2022
Deferred tax assets:
Net operating losses	$	67,569		$	13,108
Tax credit carryforwards		10,689			3,674
Derivative		1,319			1,455
Stock-based compensation		3,204			2,645
Reserves and accruals		1,156			1,105
Capitalized research expenditures		23,423			20,059
License fees		13,555			14,235
Operating lease liability		3,996			5,107
Deferred revenue		2,027			—
Intangibles		—			69
Other		183			29
Total gross deferred tax assets before valuation allowance		127,121			61,486
Less: valuation allowance		(119,504	)		(57,812	)
Total deferred tax assets	$	7,617		$	3,674
Deferred tax liabilities:
Operating lease ROU assets		(3,459	)		(3,674	)
Intangibles		(6,322	)		—
Total deferred tax liabilities		(9,781	)		(3,674	)
Net deferred tax liabilities	$	(2,164	)	$	—

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2023		2022
Gross unrecognized tax benefit at January 1	$	—	$	—
Additions for positions taken during a prior period		2,003		—
Gross unrecognized tax benefit at December 31	$	2,003	$	—