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Income Taxes (Tables)

12 Months Ended

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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