Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Income Tax Rate

The difference between income taxes computed using the U.S. federal income statutory tax rate and the provision for income taxes is as follows (in thousands):

		December 31,
		2023			2022
Income taxes at statutory rates		$	(19,912	)	$	(19,085	)
State income tax, net of federal benefit			(4,422	)		(2,615	)
Research credit			(3,945	)		(3,434	)
Change in valuation allowance			26,988			24,423
Permanent items and other			1,291			711
	Income tax expense	$	-		$	-

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforward	$	54,252		$	40,101
Credits		13,371			9,433
Lease liability		15,193			11,673
Section 174 capitalized research and development		13,765			7,408
Other		5,338			3,972
Total deferred tax assets		101,919			72,587
Valuation allowance		(86,196	)		(59,435	)
Net deferred tax assets		15,723			13,152
Deferred tax liabilities:
Right-of-use lease assets		(13,227	)		(10,983	)
Fixed assets		(2,496	)		(2,169	)
Total deferred tax liabilities		(15,723	)		(13,152	)
Total net deferred taxes	$	-		$	-

Summary of Reconciliation of Unrecognized Tax Benefit Activity

The following table summarizes the changes to the Company’s unrecognized tax benefits for the periods presented (in thousands):

		December 31,
		2023		2022
Balance at beginning of year		$	1,237	$	866
	Increases (decreases) related to prior year tax positions		50		(50	)
	Increases related to current year tax positions		936		421
Balance at end of year		$	2,223	$	1,237