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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of components of the Company's loss before income tax expense | The components of the Company’s loss before income tax expense are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
United States | $ | (106,261) |  |  | $ | (85,760) |
Foreign | 58 |  |  | (646) |
Loss before income tax provision | $ | (106,203) |  |  | $ | (86,406) |
Schedule of Income Tax Expense | Income tax expense is comprised of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Current: |  |  |
Federal | $ | — |  | $ | —
State | 27 |  | —
Foreign | 24 |  | —
Total current income tax expense | $ | 51 |  | $ | —
Deferred: |  |  |
Federal | $ | — |  | $ | —
State | — |  | —
Foreign | — |  | —
Total deferred income tax expense | $ | — |  | $ | —
Total income tax expense | $ | 51 |  | $ | —
Summary of reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate | 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 | 3.4 |  |  | 3.5 |
Federal and state research and development tax credits | — |  |  | (1.2) |
Change in fair value of contingent earn-out liability and contingently issuable common stock liability | (4.5) |  |  | 3.4 |
Change in valuation allowance | (16.9) |  |  | (23.6) |
Change in uncertain tax positions | (0.4) |  |  | — |
Change in tax rate | 0.8 |  |  | (0.1) |
Stock-based compensation | (0.6) |  |  | (0.2) |
Non-deductible compensation | (2.4) |  |  | (2.6) |
Permanent differences | (0.1) |  |  | (0.2) |
Other | (0.3) |  |  | — |
Effective income tax rate | 0.0 | % |  | 0.0 | %
Summary of net deferred tax assets | Net deferred tax assets consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 41,541 |  | $ | 36,518
Research and development tax credit carryforwards | 3,802 |  | 3,836
Capitalized research and development costs | 13,043 |  | 9,965
Accrued expenses | 7,230 |  | 6,660
Deferred revenue | 18,206 |  | 8,884
Lease liability | 351 |  | 490
Other | 1,305 |  | 106
Total deferred tax assets | 85,478 |  | 66,459
Valuation allowance | (82,558) |  |  | (64,570) |
Total deferred tax assets, net of valuation allowance | 2,920 |  | 1,889
Deferred tax liabilities: |  |  |
Depreciation and amortization | (2,601) |  |  | (1,464) |
Right of use lease asset | (302) |  | (409)
Other | (17) |  | (16)
Total deferred tax liabilities | (2,920) |  | (1,889)
Net deferred tax assets | $ | — |  | $ | —
Summary of changes in the valuation allowance for deferred tax assets | Changes in the valuation allowance for deferred tax assets related primarily to the increase in net operating loss carryforwards and capitalized R&D costs and were as follows (in thousands):
| December 31,
| 2023 |  | 2022
Valuation allowance as of beginning of year | $ | 64,570 |  | $ | 43,966
Additions charged to provision for income taxes | 17,988 |  | 20,320
Additions charged to equity | — |  | 332
Currency translation and other | — |  | (48)
Valuation allowance as of end of year | $ | 82,558 |  | $ | 64,570
Schedule of Uncertain Tax Positions | The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes) (in thousands):
| December 31,
| 2023 |  | 2022
Balance at beginning of fiscal year | $ | — |  | $ | —
Gross increases related to prior year tax positions | 407 |  | —
Foreign exchange and others | 21 |  | —
Balance at end of fiscal year | $ | 428 |  | $ | —

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