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Income Taxes (Tables)

12 Months Ended

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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-SubTopic 10
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