Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):

	December 31,
	2023			2022
Domestic	$	(95,989	)	$	(89,055	)
Foreign		—			—
Loss before income taxes	$	(95,989	)	$	(89,055	)

Schedule of Components of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands).

	December 31,
	2023		2022
Current:
Federal	$	—	$	—
State		1		1
Total current		1		1
Total deferred		—		—
Provision for income taxes	$	1	$	1

Schedule of Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statement of operations and comprehensive loss is as follows (in thousands).

	December 31,
	2023			2022
Tax on U.S. statutory rate on income before income taxes	$	(20,158	)	$	(18,702	)
State taxes		(489	)		3,583
State valuation allowance		490			(3,582	)
Federal valuation allowance		21,250			19,643
Tax credits		(1,598	)		(710	)
Other		506			(231	)
Provision for income taxes	$	1		$	1

Summary of Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands).

	December 31,
	2023			2022
Deferred tax assets:
Federal and state NOL carryforward	$	27,539		$	21,945
Research and other credits		6,051			3,762
Capitalized R&D		25,264			12,731
Fixed assets		3			2
Reserves and accruals		755			519
Stock based compensation		2,978			1,430
Other intangibles		8,313			8,583
Other DTA		384			402
Lease liability		804			1,360
Total gross DTA		72,091			50,734
Less: valuation allowance		(71,372	)		(49,648	)
Total deferred tax assets		719			1,086
Deferred tax liabilities:
Right of use		(619	)		(1,086	)
Other DTL		(100	)		—
Total gross DTL		(719	)		(1,086	)
Net deferred tax assets	$	—		$	—

Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2023		2022
Beginning balance	$	941	$	668
Additions based on tax positions related to prior year		—		19
Decreases based on tax positions related to prior year		—		(11	)
Additions based on tax positions related to current year		572		265
Ending balance	$	1,513	$	941