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	$	—	$	—