XML 39 R32.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate | The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Federal income tax rate |  | 21.0 % |  | 21.0 %
State income tax benefit |  | 6.1 % |  | 5.8 %
Permanent items |  | (0.9) % |  | (0.4) %
Research tax credits |  | 5.7 % |  | 5.5 %
Other |  | (0.4) % |  | (0.4) %
Valuation allowance |  | (31.5) % |  | (31.5) %
Effective income tax rate |  | — |  | —
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Accrued expenses |  | $ | 1,428 |  |  | $ | 1,224 |
Federal net operating loss carryforwards |  |  | 39,934 |  |  |  | 32,262 |
State net operating loss carryforwards |  |  | 11,423 |  |  |  | 8,919 |
Tax credits |  |  | 17,062 |  |  |  | 10,712 |
Stock compensation |  |  | 1,545 |  |  |  | 1,248 |
R&D Capitalization |  |  | 33,503 |  |  |  | 14,881 |
Amortization |  |  | 1,464 |  |  |  | 429 |
Lease liability |  |  | 9,746 |  |  |  | 10,445 |
Total deferred tax assets |  |  | 116,105 |  |  |  | 80,120 |
Valuation allowance |  |  | (104,403 | ) |  |  | (68,348 | )
Net total deferred tax assets |  | $ | 11,702 |  |  | $ | 11,772 |
Deferred tax liabilities: |  |  |  |  |  |
Lease right of use asset |  |  | (10,945 | ) |  |  | (11,951 | )
Depreciation and amortization |  |  | (757 | ) |  |  | 179 |
Total deferred tax liabilities |  | $ | (11,702 | ) |  | $ | (11,772 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration