Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Rate Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate

The rate reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2023, 2022 and 2021 are as follows:

	December 31,
	2023		2022		2021
Tax effect at statutory rate	21.0	%	21.0	%	21.0	%
State taxes	6.8		6.4		10.6
Stock compensation	(1.5)		0.1		9.6
Permanent differences	0.0		0.0		0.0
Federal research and development credits	4.6		1.5		7.7
Other	(2.3)		(1.8)		(5.1)
Change in valuation allowance	(28.6)		(27.2)		(43.8)
Total	0.0	%	0.0	%	0.0	%

Schedule of Significant Components of Net Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows (in thousands):

	December 31,
	2023			2022
Deferred Tax Assets:
Federal net operating loss carryforwards	$	33,708		$	32,320
State net operating loss carryforwards		10,194			8,835
Research and development credit carryforwards		25,975			17,581
Lease liabilities		22,443			4,011
Deferred revenue		9,807			16,315
Accruals and reserves, stock and other		13,636			10,350
Capitalized Research and Development		68,340			36,435
Total deferred tax assets	$	184,103		$	125,847
Valuation allowance	$	(162,375	)	$	(120,096	)
Deferred tax assets	$	21,728		$	5,751
Fixed and intangible assets		(1,884	)		(2,187	)
Right-of-use assets		(19,844	)		(3,564	)
Net deferred tax asset	$	—		$	—