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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Taxes at U.S. statutory rate

 

21.0

 %

 

 

21.0

 %

Changes from statutory rate:

 

 

 

 

 

State taxes, net of federal benefit

 

8.5

 %

 

 

8.3

 %

Tax credits

 

5.4

 %

 

 

5.1

 %

Share-based compensation

 

(0.7

)%

 

 

(0.9

)%

Change in valuation allowance

 

(34.1

)%

 

 

(33.8

)%

Other

 

 

(0.1

)%

 

 

0.3

 %

Effective income tax rate

 

0.0

 %

 

 

0.0

 %

Summary of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

Net operating loss carryforwards

$

23,201

 

 

$

23,391

 

Tax credits

 

16,939

 

 

 

10,191

 

Deferred revenue

 

4,305

 

 

 

1,332

 

Depreciation and amortization

 

1,159

 

 

 

824

 

Amortization

 

479

 

 

 

525

 

Stock-based compensation

 

1,126

 

 

 

707

 

Leasehold liability

 

17,044

 

 

 

15,489

 

Capitalized R&D costs

 

 

31,515

 

 

 

14,380

 

Other

 

3,824

 

 

 

1,441

 

Total deferred tax assets

 

99,592

 

 

 

68,280

 

Deferred tax liabilities:

 

 

 

 

 

Right of use Asset

 

(17,346

)

 

 

(16,411

)

Valuation allowance

 

(82,246

)

 

 

(51,869

)

Net deferred tax assets and liabilities

$

-

 

 

$

-