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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 for the years ended December 31, 2023 and 2022 was comprised as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current taxes: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 27 |  |  |  | 10 |
Total current taxes |  |  | 27 |  |  |  | 10 |
Deferred taxes: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Total deferred taxes |  |  | — |  |  |  | — |
Total provision for income taxes |  | $ | 27 |  |  | $ | 10 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Income tax computed at federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 7.1 | % |  |  | 6.1 | %
Tax credit carryforwards |  |  | 3.6 | % |  |  | 6.2 | %
Permanent items |  |  | (1.0 | )% |  |  | (0.2 | )%
Change in valuation allowance |  |  | (30.8 | )% |  |  | (32.7 | )%
Other |  |  | 0.1 | % |  |  | (0.4 | )%
Effective tax rate |  |  | — | % |  |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The principal components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were comprised as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 80,385 |  |  | $ | 19,580 |
Tax credit carryforwards |  |  | 22,474 |  |  |  | 5,477 |
Capitalized research and development |  |  | 34,395 |  |  |  | 10,279 |
Stock-based compensation |  |  | 4,494 |  |  |  | 319 |
Amortization |  |  | 1,138 |  |  |  | — |
Operating lease liability |  |  | 9,052 |  |  |  | 855 |
Accrued expenses and other temporary differences |  |  | 1,543 |  |  |  | 707 |
Total deferred tax assets |  |  | 153,481 |  |  |  | 37,217 |
Less: valuation allowance |  |  | (145,766 | ) |  |  | (36,094 | )
Net deferred tax assets |  |  | 7,715 |  |  |  | 1,123 |
Deferred tax liabilities: |  |  |  |  |  |
Operating right-of-use asset |  |  | (7,401 | ) |  |  | (552 | )
Depreciation |  |  | (314 | ) |  |  | (571 | )
Total deferred tax liabilities |  |  | (7,715 | ) |  |  | (1,123 | )
Net deferred taxes |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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