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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Net Loss before Income Taxes | The following table presents the components of net loss before income taxes (in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022
United States | $ | (59,713) |  |  | $ | (51,437) |
Non-U.S. | — |  |  | — |
Loss before provision for income taxes | $ | (59,713) |  |  | $ | (51,437) |
Schedule of Provision for Income Taxes | The provision for income taxes included in the consolidated statement of operations is comprised of the following (in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022
Current |  |  |
Federal | $ | — |  |  | $ | — |
State | — |  |  | (1) |
Non-U.S. | — |  |  | — |
Total current | — |  |  | (1) |
Deferred: |  |  |
Federal | — |  |  | (38) |
State | — |  |  | — |
Non-U.S. | — |  |  | — |
Total deferred | $ | — |  |  | $ | (38) |
Total provision | $ | — |  |  | $ | (39) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate, using a federal statutory rate of 21%:
| For the Years Ended December 31,
| 2023 |  | 2022
Statutory federal income (benefit) rate | (21) | % |  | (21) | %
Increase (decrease) resulting from: |  |  |
State income tax rate | (4) | % |  | (4) | %
Change in valuation allowance | 29 | % |  | 28 | %
Stock-based compensation | 2 | % |  | — | %
Tax credits | (6) | % |  | (4) | %
Fixed assets | — | % |  | 1 | %
Effective tax rate | — | % |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities consisted of (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss (“NOL”) carryforwards | $ | 23,111 |  |  | $ | 15,154 |
R&D credit carryforwards | 10,502 |  |  | 6,751 |
Stock-based compensation | 2,083 |  |  | 2,211 |
Research and experimental expenditures under IRC Section 174 | 14,063 |  |  | 5,062 |
Lease liability | 2,507 |  |  | 1,734 |
Disallowed interest expense | 2,767 |  |  | 1,841 |
Accruals and other | 1,064 |  |  | (222) |
| 56,097 |  |  | 32,531 |
Valuation allowance | (44,606) |  |  | (27,049) |
Total deferred tax asset | 11,491 |  |  | 5,482 |
Deferred tax liability: |  |  |
Fixed assets | (1,967) |  |  | (1,986) |
Right of use asset | (2,496) |  |  | (1,666) |
Capitalized internal-use software | (7,028) |  |  | (1,830) |
Total deferred tax liability | $ | (11,491) |  |  | $ | (5,482) |
Net deferred tax liability | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022
Balance at beginning of year | $ | 1,239 |  |  | $ | 817 |
Tax positions related to the current year: |  |  |
Additions | 649 |  |  | 442 |
Reductions | — |  |  | — |
Tax positions related to the prior year: |  |  |
Additions | 1 |  |  | — |
Reductions | — |  |  | (20) |
Balance at end of year | $ | 1,889 |  |  | $ | 1,239 |

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