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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of effective income tax rate differs from federal statutory rate

Year Ended December 31, 

 

2023

2022

 

Tax effected at statutory rate

    

21.0

%  

21.0

%

State taxes

 

6.5

5.2

Stock-based compensation

 

(1.4)

 

(0.6)

Non-deductible expenses

 

(0.8)

 

(0.9)

Federal research and development credits

 

3.5

 

2.8

Change in valuation allowance

 

(28.8)

 

(27.5)

Effective income tax rate

 

0.0

%  

0.0

%

Schedule of deferred tax assets

Year Ended December 31, 

2023

2022

Deferred tax assets:

    

  

    

  

Federal net operating loss carryforwards

$

43,953

$

37,277

State net operating loss carryforwards

11,433

9,267

Capitalized research and development expenditures

24,485

14,469

Research and development credit carryforwards

 

10,359

 

7,104

Lease liability

 

2,510

 

2,761

Accruals and reserves

 

210

 

241

Intangible assets

 

1,793

 

1,917

Stock-based compensation

 

1,213

 

1,374

Total deferred tax assets:

 

95,956

 

74,410

Valuation allowance

 

(92,978)

 

(71,003)

Subtotal

 

2,978

 

3,407

Deferred tax liabilities:

Property and equipment

 

(1,578)

 

(1,881)

Right of use asset

 

(1,400)

 

(1,526)

Total deferred tax liabilities

(2,978)

(3,407)

Net deferred tax assets

$

$