Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation on Income Taxes Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss

A reconciliation on income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands):

	Year Ended December 31,
	2023			2022
Income tax benefit at statutory rates	$	(24,675	)	$	(23,906	)
State income tax, net of federal benefit		(1,438	)		(1,566	)
Permanent items		1,656			1,891
Research and development credits		(6,170	)		(3,426	)
Change in valuation allowance		30,627			27,007
Income tax expense	$	—		$	—

Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are shown below (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carry forwards	$	43,491		$	36,732
Depreciation and amortization		334			316
Research and development credits		19,782			11,999
Share-based compensation		4,668			3,552
Accrued expenses		1,402			1,367
Lease liability		18,551			19,062
Other, net		49			35
Section 174 Capitalized R&D		30,147			17,352
Total deferred tax assets		118,424			90,415
Valuation allowance for deferred tax assets		(102,169	)		(71,368	)
Deferred tax assets, net of valuation allowance		16,255			19,047
Deferred tax liabilities:
ROU asset		(8,404	)		(18,089	)
Depreciation and amortization		(7,851	)		(958	)
Net deferred tax assets	$	—		$	—

Summary of Changes in Gross Unrecognized Tax Benefits

The following table summarizes the changes in the Company’s gross unrecognized tax benefits (in thousands):

	December 31,
	2023		2022
Balance at the beginning of the year	$	2,339	$	1,359
Increases (decreases) related to tax positions taken in prior years		102		(43	)
Increases related to tax positions taken in current year		1,297		1,023
Balance at the end of the year	$	3,738	$	2,339