XML 85 R26.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 Tax Rate to Effective Income Tax Rate | The effective tax rate if the Company’ provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Tax computed at federal statutory rate |  | $ | (7,214 | ) | ) | $ | (1,624 | )
State tax, net of federal tax benefit |  |  | 1 |  |  |  | 1 |
Permanent differences |  |  | (616 | ) |  |  | (1237 | )
Research and development tax credits, net of uncertain positions |  |  | (705 | ) |  |  | (454 | )
Valuation allowance |  |  | 8,535 |  |  |  | 3,315 |
Income tax expense |  | $ | 1 |  |  | $ | 1 |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets (liabilities) at December 31 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 58,535 |  |  | $ | 15,839 |
State tax, net of federal tax benefit |  |  | 9,865 |  |  |  | 6,407 |
Accrued and deferred expenses |  |  | 93 |  |  |  | 167 |
Research and development credit carry forwards |  |  | 12,403 |  |  |  | 5,736 |
Lease liabilities |  |  | — |  |  |  | 11 |
Other |  |  | 1,699 |  |  |  | 118 |
Total deferred tax assets |  |  | 82,595 |  |  |  | 28,278 |
Deferred tax liabilities |  |  |  |  |  |
Right-of-use assets |  |  | — |  |  |  | (10 | )
Valuation allowance |  |  | (21 | ) |  |  | (28 | )
Total deferred tax liabilities |  |  | (21 | ) |  |  | (38 | )
Total net deferred tax assets |  |  | 82,574 |  |  |  | 28,240 |
Less: valuation allowance |  |  | (82,574 | ) |  |  | (28,240 | )
Net deferred taxes |  | $ | — |  |  | $ | — |
Schedule of Reconciliation of Unrecognized Tax Benefits | The change in the Company’s unrecognized tax benefits is summarized as follows (in thousands):
Balance at December 31, 2021 |  | $ | 6,457 |
Increase related to current year tax positions |  |  | 973 |
Additions for tax positions of prior years |  |  | 76 |
Balance at December 31, 2022 |  | $ | 7,506 |
Increase related to current year tax positions |  |  | 2,846 |
Additions for tax positions of prior years |  |  | 21 |
Additions in connection with the reverse merger |  |  | 847 |
Reduction for tax positions of prior years |  |  | (140 | )
Balance at December 31, 2023 |  | $ | 11,080 |

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

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration