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Income Taxes (Tables)

12 Months Ended

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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