Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate

The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:

	Year Ended December 31,
	2023	2022
Federal income tax rate	21.0 %	21.0 %
State income tax benefit	6.1 %	5.8 %
Permanent items	(0.9) %	(0.4) %
Research tax credits	5.7 %	5.5 %
Other	(0.4) %	(0.4) %
Valuation allowance	(31.5) %	(31.5) %
Effective income tax rate	—	—

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2023			2022
Deferred tax assets:
Accrued expenses	$	1,428		$	1,224
Federal net operating loss carryforwards		39,934			32,262
State net operating loss carryforwards		11,423			8,919
Tax credits		17,062			10,712
Stock compensation		1,545			1,248
R&D Capitalization		33,503			14,881
Amortization		1,464			429
Lease liability		9,746			10,445
Total deferred tax assets		116,105			80,120
Valuation allowance		(104,403	)		(68,348	)
Net total deferred tax assets	$	11,702		$	11,772
Deferred tax liabilities:
Lease right of use asset		(10,945	)		(11,951	)
Depreciation and amortization		(757	)		179
Total deferred tax liabilities	$	(11,702	)	$	(11,772	)
Net deferred tax assets	$	—		$	—