Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2023				2022
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		8.3				6.5
Tax credits generated		5.7				6.6
Change in deferred tax asset valuation allowance		(38.7	)			(35.1	)
Stock-based compensation		3.5				1.1
Other		0.2				(0.1	)
Effective income tax rate		—		%		—		%

Schedule of deferred tax assets and liabilities

Net deferred tax assets consisted of the following (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	35,050		$	24,829
Capitalized research and development		46,240			16,839
Research and development tax credit carryforwards		15,053			7,465
Stock-based compensation		3,617			1,634
Other		930			1,345
Total deferred tax assets		100,890			52,112
Valuation allowance		(100,890	)		(52,107	)
Net deferred tax assets		—			5
Deferred tax liabilities
Other		—			(5	)
Total deferred tax liabilities		—			(5	)
Net deferred tax assets	$	—		$	—

Summary of valuation allowance

The changes in the valuation allowance were as follows (in thousands):

	Year Ended December 31,
	2023		2022
Valuation allowance as of beginning of year	$	52,107	$	23,400
Increases recorded to income tax provision		48,783		28,707
Valuation allowance as of end of year	$	100,890	$	52,107