Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Effective Tax Rate for Income Taxes

The reconciliation of the effective tax rate for income taxes from the federal statutory rate were as follows:

	Year ended December 31,
	2023			2022
U.S. federal taxes at statutory rate		21.0	%		21.0	%
State tax – net of federal		0.3			(1.8	)
Federal tax credits		0.2			7.8
Change in valuation allowance		(19.8	)		(23.4	)
Stock-based compensation		(0.4	)		(0.1	)
Non-deductible expenses		(1.3	)		(3.2	)
Other		-			(0.3	)
Total		—	%		—	%

Summary of Income Tax Effect of Temporary Differences of Deferred Tax Assets

The income tax effect of temporary differences that give rise to significant portions of the Company’s deferred tax assets at December 31, 2023 and 2022 is presented below:

	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Depreciation and amortization	$	—		$	1,220
Capitalized research and development costs		17,935			6,009
Net operating loss carryforwards		2,277			1,244
Accrued expenses and other current liabilities		48			97
Operating lease liabilities		6,133			441
Tax credit carryforwards		2,658			2,350
Capitalized startup costs		7,670			—
Stock-based compensation		301			3
Total deferred tax assets		37,022			11,364
Deferred tax liabilities
Right of use assets		(6,064	)		(465	)
Fixed assets		(601	)		—
Total deferred tax liabilities		(6,665	)		(465	)
Total net deferred tax assets		30,357			10,899
Less: valuation allowance		(30,357	)		(10,899	)
Net deferred tax assets	$	—		$	—

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31,
	2023			2022
	(in thousands)
Balance at the beginning of the year	$	872		$	35
Increases based on tax positions related to current year		717			837
Increases based on tax positions related to prior years		62			-
Reductions based on tax positions related to prior years		(417	)		-
Balance at end of year	$	1,234		$	872