Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate was as follows:

	Year Ended December 31,
	2023			2022
Federal statutory income tax rate ate		21.00	%		21.00	%
State taxes		1.01			1.10
Others		(0.06	)		(0.69	)
Research and development credits		1.00			1.11
Transaction costs		(1.01	)		—
Lease Modification		3.27			—
Interest expense		—			—
Stock-based compensation		(1.52	)		(0.97	)
Change in valuation allowance		(23.69	)		(21.55	)
Provision for taxes		0.00	%		0.00	%

Summary of Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consisted of the following (in thousands):

	Year Ended December 31,
	2023			2022
Deferred tax assets:
Net operating losses - non-current	$	30,820		$	15,940
Capitalized R&D		14,493			13,815
General business credit - non-current		7,201			5,699
Operating lease right-of-use assets		88			1,220
Lease termination costs		6,621			—
Stock based compensation		2,017			1,703
Accruals and reserves		295			735
Fixed assets		6,161			170
Other		3			3
Gross deferred tax assets		67,699			39,285
Valuation allowance		(67,626	)		(38,110	)
Net deferred tax assets		73			1,175
Fixed asset basis		—			—
Operating lease liabilities		(73	)		(1,175	)
Other		—			—
Gross deferred tax liabilities		(73	)		(1,175	)
Valuation allowance	$	—		$	—

Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards were as follows as of December 31, 2023 (dollars in thousands):

	Year Ended December 31, 2023
	Amount		Expiration Years
Net operating losses, federal (starting from January 1, 2018)	$	146,450	Do Not Expire
Net operating losses, state		29	2039 - 2043
Tax credits, federal		6,395	2041 - 2043
Tax credits, state		4,716	Do Not Expire

Changes in Valuation Allowance for Deferred Tax Assets

During the years ended December 31, 2023 and 2022, the Company recorded a full valuation allowance on federal and state deferred balances since management does not forecast the Company to be in a profitable position in the near future. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2023 and 2022 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):

	Year Ended December 31,
	2023		2022
Valuation allowance at the beginning of the year	$	38,110	$	16,332
Increases recorded to income tax provision		29,516		21,778
Valuation allowance at the end of the year	$	67,626	$	38,110

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2022			2022
Balance at beginning of year	$	2,701		$	1,407
Additions based on tax positions related to current year		899			1,862
Reduction for prior period positions		(42	)		(568	)
Unrecognized tax benefit-December 31	$	3,558		$	2,701