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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Loss before Income Tax Provision | The components of loss before income tax provision consist of the following:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
U.S. | $ | (163,580) |  |  | $ | (128,650) |  |  | $ | (57,741) |
Foreign | (43) |  |  | (50) |  |  | (55) |
Consolidated net loss before income taxes | $ | (163,623) |  |  | $ | (128,700) |  |  | $ | (57,796) |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Deferred Tax Assets: |  |  |
Net operating loss carryforwards | $ | 72,777 |  |  | $ | 66,160 |
Section 174 Capitalized R&D | 37,240 |  |  | 16,570 |
Research and development credits | 19,058 |  |  | 12,844 |
Equity compensation | 10,533 |  |  | 10,021 |
Deferred Zejula royalty revenue | 6,978 |  |  | 7,371 |
Lease liability | 3,912 |  |  | 4,194 |
Other, net | 7,201 |  |  | 3,458 |
Total deferred tax assets | 157,699 |  |  | 120,618 |
Deferred Tax Liabilities: |  |  |
ROU asset | (3,552) |  |  | (3,859) |
Other, net | (2,658) |  |  | — |
Fixed assets | (122) |  |  | (189) |
Total deferred tax liabilities | (6,332) |  |  | (4,048) |
Net deferred tax assets | 151,367 |  |  | 116,570 |
Less: valuation allowance | (151,367) |  |  | (116,570) |
Deferred tax assets, net of valuation allowance | $ | — |  |  | $ | — |
Schedule of Reconciliation of Expected Statutory Federal Income Tax Provision and Actual Income Tax Provision | The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Expected income tax benefit at federal statutory tax rate | $ | (34,361) |  |  | $ | (27,026) |  |  | $ | (12,138) |
State income taxes, net of federal benefit | (1,912) |  |  | (800) |  |  | (142) |
Permanent items | 56 |  |  | 27 |  |  | 17 |
Equity compensation | 2,840 |  |  | (297) |  |  | (708) |
Non-deductible compensation | 3,693 |  |  | 2,060 |  |  | — |
Research credits | (6,213) |  |  | (3,319) |  |  | 8,087 |
Other | 109 |  |  | (6) |  |  | 42 |
Change in the valuation allowance | 35,784 |  |  | 29,385 |  |  | 4,842 |
Income tax (benefit) expense | $ | (4) |  |  | $ | 24 |  |  | $ | — |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022
Balance at the beginning of the year | $ | 3,369 |  |  | $ | 2,473 |
Increase related to prior year tax positions | 153 |  |  | — |
Increase related to current year tax positions | 1,494 |  |  | 896 |
Balance at the end of the year | $ | 5,016 |  |  | $ | 3,369 |

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