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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Loss Before Income Taxes | Loss before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Losses before income taxes: |  |  |  |  |  |
U.S. |  | $ | (40,525 | ) |  | $ | (88,159 | )
Non-U.S. |  |  | 199 |  |  |  | 193 |
Total |  | $ | (40,326 | ) |  | $ | (87,966 | )
Summary of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |
Deferred: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |
Provision (benefit) for income taxes |  | $ | — |  |  | $ | — |
Reconciliation of U.S. Federal Statutory Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Statutory federal income tax rate |  | $ | (8,468 | ) |  | $ | (18,473 | )
State income taxes, net of federal tax benefits |  |  | (1,097 | ) |  |  | (2,678 | )
Tax credits |  |  | (972 | ) |  |  | (1,046 | )
Stock-based compensation |  |  | 728 |  |  |  | 986 |
Permanent items |  |  | 9 |  |  |  | 3 |
State rate differential |  |  | 32 |  |  |  | 274 |
NOL true-up |  |  | 2 |  |  |  | (337 | )
Other |  |  | 566 |  |  |  | 114 |
Goodwill impairment |  |  | — |  |  |  | 11,697 |
Change in valuation allowance |  |  | 9,200 |  |  |  | 9,460 |
Total provision for income taxes |  | $ | — |  |  | $ | — |
Schedule of Significant Components Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Net operating loss carryforwards |  | $ | 18,089 |  |  | $ | 15,230 |
Research and development tax credits |  |  | 3,202 |  |  |  | 2,294 |
Accruals and reserves |  |  | 475 |  |  |  | 452 |
Research expenditures |  |  | 10,567 |  |  |  | 5,264 |
Stock-based compensation |  |  | 3,085 |  |  |  | 2,874 |
Depreciation and amortization |  |  | 1,319 |  |  |  | 1,595 |
Lease liability |  |  | 91 |  |  |  | 179 |
Total deferred tax assets |  |  | 36,828 |  |  |  | 27,888 |
Right-of-use asset |  |  | (87 | ) |  |  | (178 | )
Acquired IPR&D |  |  | (7,682 | ) |  |  | (7,787 | )
Total deferred tax liabilities |  |  | (7,769 | ) |  |  | (7,965 | )
Less: valuation allowance |  |  | (30,811 | ) |  |  | (21,675 | )
Net deferred tax liabilities |  | $ | (1,752 | ) |  | $ | (1,752 | )
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Gross unrecognized tax benefits at the beginning of the year |  | $ | 2,664 |  |  | $ | 1,469 |
Additions from tax positions taken in the current year |  |  | 972 |  |  |  | 914 |
Additions from tax positions taken in prior years |  |  | — |  |  |  | 281 |
Gross unrecognized tax benefits at the end of the year |  | $ | 3,636 |  |  | $ | 2,664 |

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