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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes |  |  | 1.3 | % |  |  | 1.9 | % |  |  | 0.7 | %
Change in valuation allowance |  |  | (29.1 | %) |  |  | (23.4 | %) |  |  | (25.2 | %)
Stock Based Compensation |  |  | 0.7 | % |  |  | (1.2 | %) |  |  | (0.2 | %)
Research tax credits |  |  | 8.3 | % |  |  | 4.4 | % |  |  | 3.8 | %
Other permanent differences |  |  | (0.1 | %) |  |  | (0.1 | %) |  |  | (0.1 | %)
Section 162(m) Limitation |  |  | (2.1 | %) |  |  | (2.6 | %) |  |  | 0.0 | %
Provision for income taxes |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets | The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 34,717 |  |  | $ | 31,777 |
Research and development credit carryforwards |  |  | 19,997 |  |  |  | 9,454 |
Lease liability |  |  | 610 |  |  |  | 739 |
Intangible assets |  |  | 1,096 |  |  |  | 1,166 |
Stock-based compensation |  |  | 2,593 |  |  |  | 1,713 |
Accruals and reserves |  |  | 1,257 |  |  |  | 1,666 |
Deferred revenue |  |  | - |  |  |  | 2,881 |
Capitalized research & development expenditures |  |  | 36,267 |  |  |  | 15,134 |
Gross deferred tax assets |  |  | 96,537 |  |  |  | 64,530 |
Less: Valuation allowance |  |  | (95,888 | ) |  |  | (63,761 | )
Deferred tax assets, net of valuation allowance |  |  | 649 |  |  |  | 769 |
Deferred tax liabilities: |  |  |  |  |  |
Right-of-use assets |  |  | (477 | ) |  |  | (527 | )
Property and equipment |  |  | (172 | ) |  |  | (242 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Summary of Activity Related to Company?s Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands).
Balance as of January 1, 2022 |  | $ | 1,304 |
Increase related to prior year tax positions |  |  | 51 |
Increase related to current year tax positions |  |  | 607 |
Balance as of December 31, 2022 |  | $ | 1,962 |
Increase related to prior year tax positions |  |  | 372 |
Increase related to current year tax positions |  |  | 1,488 |
Balance as of December 31, 2023 |  | $ | 3,822 |

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