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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Loss Before Income Taxes | For financial reporting purposes, loss before provision for income taxes, includes the following components (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Domestic |  | $ | (134,233 | ) |  | $ | (141,939 | )
Foreign |  |  | (4 | ) |  |  | (8 | )
Loss before income taxes |  | $ | (134,237 | ) |  | $ | (141,947 | )
Reconciliation of Income Tax Computed at Federal Statutory Rates to Provision for Income Taxes | Reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Tax provision at U.S. statutory rate |  | $ | (28,190 | ) |  | $ | (29,809 | )
Stock-based compensation |  |  | 1,343 |  |  |  | 1,252 |
Research and development tax credits |  |  | (3,883 | ) |  |  | (2,836 | )
Change in valuation allowance |  |  | 29,066 |  |  |  | 30,148 |
Section 162(m) compensation |  |  | 1,594 |  |  |  | 1,110 |
Other |  |  | 70 |  |  |  | 135 |
Provision for income taxes |  | $ | — |  |  | $ | — |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred Tax Assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 70,996 |  |  | $ | 63,551 |
Research and development credits |  |  | 16,070 |  |  |  | 11,095 |
Other intangibles |  |  | 3 |  |  |  | 4 |
Accruals and reserves |  |  | 1,074 |  |  |  | 974 |
Stock-based compensation |  |  | 5,185 |  |  |  | 4,551 |
Capitalized research and development |  |  | 36,568 |  |  |  | 19,744 |
Lease liabilities |  |  | 6,610 |  |  |  | 6,946 |
Total gross deferred tax assets |  |  | 136,506 |  |  |  | 106,865 |
Less: valuation allowance |  |  | (130,939 | ) |  |  | (100,778 | )
Total deferred tax assets, net |  | $ | 5,567 |  |  | $ | 6,087 |
Deferred Tax Liabilities: |  |  |  |  |  |
Fixed assets |  | $ | (1,771 | ) |  | $ | (2,043 | )
Right-of-use assets |  |  | (3,796 | ) |  |  | (4,044 | )
Total gross deferred tax liabilities |  |  | (5,567 | ) |  |  | (6,087 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Unrecognized Tax Benefits | The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 2,726 |  |  | $ | 1,794 |
Additions based on tax positions related to prior year |  |  | 189 |  |  |  | — |
Additions based on tax positions related to current year |  |  | 1,055 |  |  |  | 932 |
Ending balance |  | $ | 3,970 |  |  | $ | 2,726 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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