Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousand):

	Year ended December 31,
	2023			2022			2021
Domestic	$	(149,540	)	$	(147,314	)	$	(101,878	)
Foreign		207			9			—
Income (loss) before income taxes	$	(149,333	)	$	(147,305	)	$	(101,878	)

Summary of Reconciliation Federal Income Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:

	Year ended December 31,
	2023			2022			2021
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		3.0	%		2.7	%		2.2	%
Stock-based compensation		(2.7	)%		1.9	%		3.9	%
Section 162(m)		(0.1	)%		(0.6	)%		(1.4	)%
Change in valuation allowance		(19.6	)%		(25.1	)%		(26.2	)%
Other		(1.6	)%		0.1	%		0.5	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands):

	Year ended December 31,
	2023			2022
Deferred tax assets:
Net operating loss carry forward	$	62,346		$	59,613
Tax credits		18,261			11,473
Intangibles		3,499			3,718
Other		28			923
Stock-based compensation		1,998			2,759
Lease liability		1,542			1,912
Research and development costs		33,341			20,091
Accruals and reserves		1,364			1,190
Total deferred tax assets before valuation allowance		122,379			101,679
Valuation allowance		(120,779	)		(99,711	)
Total deferred tax assets		1,600			1,968
Deferred tax liabilities:		—			—
Right of use assets		(1,528	)		(1,899	)
Fixed assets		(72	)		(69	)
Total deferred tax liabilities		(1,600	)		(1,968	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

	Year ended December 31,
	2023		2022			2021
Unrecognized tax benefits as of the beginning of the year	$	8,872	$	4,702		$	1,934
Increase related to prior year tax provisions		—		(100	)		107
Decrease related to prior year tax provisions		—		—			—
Increase related to current year tax provisions		4,937		4,270			2,661
Statue lapse		—		—			—
Unrecognized tax benefits as of the end of the year	$	13,809	$	8,872		$	4,702