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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS | Significant components of the Company’s net deferred tax assets are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2023 |  | 2022
Deferred income tax assets: |  | ​ |  |  | ​ |
NOL carryforwards | ​ | $ | 16,199 | ​ | $ | 11,781
Research credit carryforwards | ​ |  | 5,153 | ​ |  | 1,601
Capitalized R&D | ​ |  | 19,404 | ​ |  | 8,490
Stock based compensation | ​ | ​ | 1,929 | ​ | ​ | 923
Other | ​ |  | 1,117 | ​ |  | 790
Gross deferred tax assets | ​ |  | 43,802 | ​ |  | 23,585
Less: valuation allowance | ​ |  | (43,596) | ​ |  | (23,283)
Total deferred tax assets | ​ |  | 206 | ​ |  | 302
Deferred income tax liabilities: | ​ |  |  | ​ |  |
Other | ​ |  | (206) | ​ |  | (302)
Total deferred tax liabilities | ​ |  | (206) | ​ |  | (302)
Net deferred tax assets (liabilities) | ​ | $ | — | ​ | $ | —
SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE | A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2023 |  | 2022
U.S. Federal statutory income tax rate | ​ | $ | (15,831) | ​ | $ | (10,829)
State taxes | ​ |  | (3,389) | ​ |  | (2,828)
Permanent and other differences | ​ |  | 416 | ​ |  | 563
Stock-based compensation | ​ |  | 1,049 | ​ |  | (787)
Research and development credits | ​ |  | (2,676) | ​ |  | (757)
Change in valuation allowance | ​ |  | 20,487 | ​ |  | 14,663
Total tax provision | ​ | $ | 56 | ​ | $ | 25
​
SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2023 and December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2023 |  | 2022
Beginning balance of unrecognized tax benefits | ​ | $ | 993 | ​ | $ | 529
Additions based on tax positions related to the current year | ​ | ​ | 1,127 | ​ | ​ | 461
Additions based on tax positions related to the prior year | ​ |  | 94 | ​ |  | 3
Ending balance of unrecognized tax benefits | ​ | $ | 2,214 | ​ | $ | 993

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