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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income tax reconciliation | A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2023 and 2022 (amounts in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Income tax benefit computed at federal statutory tax rate | $ | (18,332) |  |  | $ | (21,409) |
Change in valuation allowance | 21,347 |  |  | 24,713 |
General business credits | (4,392) |  |  | (4,883) |
Stock compensation | 486 |  |  | 602 |
Change in uncertain tax position | 878 |  |  | 977 |
Other | 13 |  |  | — |
Income tax benefit | $ | — |  |  | $ | — |
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (amounts in thousands):
| December 31, |
| 2023 |  | 2022 |
Deferred tax asset: |  |  |  |
Net operating loss carryforwards | $ | 31,393 |  |  | $ | 24,867 |  |
Accrued expenses and other | 1,827 |  |  | 3,578 |  |
Stock compensation | 2,431 |  |  | 1,533 |  |
Credit carryforwards | 13,614 |  |  | 10,101 |  |
Capital loss carryforwards | 583 |  |  | 583 |  |
Capitalized R&D expense | 27,210 |  |  | 15,017 |  |
Lease liabilities | 882 |  |  | 1,030 |  |
Gross deferred tax asset | 77,940 |  |  | 56,709 |  |
Less valuation allowance | (76,386) |  |  | (55,044) |  |
Net deferred tax asset | 1,554 |  |  | 1,665 |  |
Deferred tax liability: |  |  |  |
Depreciation and amortization | (744) |  |  | (676) |  |
Prepaid expenses | (334) |  |  | (436) |  |
Lease assets | (476) |  |  | (553) |  |
Total deferred tax liability | (1,554) |  |  | (1,665) |  |
Total net deferred tax asset | $ | — |  |  | $ | — |  |
Schedule of unrecognized tax benefits | A reconciliation of the Company’s liability for unrecognized tax benefits is as follows (amounts in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Balance, beginning of the year | $ | 2,380 |  |  | $ | 1,404 |
Increase for tax positions related to the current year | 642 |  |  | 733 |
Increase for tax positions related to prior years | 236 |  |  | 243 |
Balance, end of year | $ | 3,258 |  |  | $ | 2,380 |

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