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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Tax | The Company did not record a provision (benefit) for income taxes for the years ended December 31, 2023 and 2022. Net loss is attributable to the following tax jurisdictions (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
United States |  | $ | (117,440 | ) |  | $ | (95,778 | )
Foreign |  |  | (232 | ) |  |  | 139 |
Net Loss |  | $ | (117,672 | ) |  | $ | (95,639 | )
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount expected by applying the federal statutory rates to the net loss before taxes as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes |  |  | — |  |  |  | (0.4 | )
Stock-based compensation |  |  | (1.1 | ) |  |  | (1.3 | )
Non-deductible expenses and others |  |  | (0.1 | ) |  |  | (0.1 | )
Tax credits |  |  | 4.2 |  |  |  | 2.2 |
Change in valuation allowance |  |  | (24.0 | ) |  |  | (21.4 | )
Effective income tax rate |  |  | — | % |  |  | — | %
Components of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 31,342 |  |  | $ | 24,092 |
Research and development tax credit carryforwards |  |  | 9,327 |  |  |  | 4,218 |
Accrued liabilities |  |  | 2,828 |  |  |  | 2,781 |
Stock-based compensation |  |  | 2,564 |  |  |  | 1,676 |
Operating lease liability |  |  | 333 |  |  |  | 404 |
Other |  |  | 180 |  |  |  | 121 |
Capitalized research and development |  |  | 25,182 |  |  |  | 10,729 |
Total deferred tax assets |  |  | 71,756 |  |  |  | 44,021 |
Deferred tax liabilities: |  |  |  |  |  |
Right of use asset |  |  | (221 | ) |  |  | (267 | )
Prepaid expenses and other |  |  | (75 | ) |  |  | (475 | )
Investments |  |  | (214 | ) |  |  | (294 | )
Total deferred tax liabilities |  |  | (510 | ) |  |  | (1,036 | )
Less valuation allowance |  |  | (71,246 | ) |  |  | (42,985 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits for Uncertain Tax Positions | A reconciliation of the beginning and ending amount of unrecognized tax benefits for uncertain tax positions were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 1,406 |  |  | $ | 722 |
Additions for tax positions taken in prior years |  |  | 182 |  |  |  | - |
Additions for tax positions taken in the current year |  |  | 1,521 |  |  |  | 684 |
Ending balance |  | $ | 3,109 |  |  | $ | 1,406 |

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