Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The Company’s provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2023			2022
Current income tax provision (expense) benefit:
U.S. federal	$	(427	)	$	—
State		(273	)		—
Total	$	(700	)	$	—

Schedule of Reconciliation of Statutory U.S. Federal Rate and Effective Rate

A reconciliation of the statutory U.S. federal rate and effective rate is as follows:

	Year Ended December 31,
	2023			2022
U.S. federal tax		21.0	%		21.0	%
State tax, net of federal benefit		0.6			6.6
Change in valuation allowance		(2.8	)		(26.9	)
Nondeductible compensation		(15.2	)		(0.2	)
Research and development tax credits		16.3			0.0
Stock based compensation		10.2			0.4
Change in state deferred income tax rate		(27.2	)		0.0
Changes in unrecognized tax benefits		(4.8	)		0.0
Change in tax rates and other		0.9			(0.9	)
Income tax expense		(1.0	)%		0.0	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred income tax assets (liabilities) were as follows (in thousands):

	December 31,
	2023			2022
Deferred income tax assets:
U.S. federal net operating loss carryforward	$	29,929		$	33,398
State net operating loss carryforward		1,110			10,465
Research and development expenditures		44,047			35,339
Research and development credits		9,829			1,935
Lease liabilities - operating		12,710			9,876
Stock based compensation		4,600			6,802
Accruals and others		1,323			92
Gross deferred income tax assets		103,548			97,907
Less: Valuation allowance		(91,841	)		(89,871	)
Total deferred income tax assets		11,707			8,036
Deferred income tax liabilities:
Depreciation		(4,930	)		(139	)
Right-of-use asset - operating		(5,903	)		(7,897	)
Section 481(a) adjustment		(874	)		—
Total deferred income tax liabilities		(11,707	)		(8,036	)
Net deferred income tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The Company had $3.5 million and no unrecognized tax benefits as of December 31, 2023 and December 31, 2022, respectively. Of the unrecognized tax benefits as of December 31, 2023 and 2022, none would affect the Company’s effective tax rate if recognized due to the Company's full valuation allowance position.

January 1, 2023	$	—
Additions based on tax positions related to 2023		809
Additions for tax positions of prior years		2,641
Reductions for tax positions of prior years		—
Lapse of the applicable statute of limitations		—
Settlements		—
December 31, 2023	$	3,450