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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Summary of reconciliation of federal statutory income tax rate to the Company's effective income tax rate

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:

​

​	​	​	​	​	​
​	​	December 31,
​		2023		2022	​
Expected income tax benefit at the federal statutory rate		21.0	%	21.0	%
State taxes, net of federal benefit		6.7		6.5	​
Research and development credit, net		4.5		3.4	​
Non-deductible items		(0.9)		(1.7)	​
Prior year provision to return adjustments		(0.1)		(0.1)	​
Change in valuation allowance		(31.2)		(29.1)	​
Total		—	%	—	%

Summary of components of deferred tax assets

​

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2023 and 2022:

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)			2023			2022
Deferred tax assets:	​			​
Federal and state net operating loss carryforwards		$	56,409		$	49,789
Research and development tax credits	​	​	14,208	​	​	11,395
Capitalized R&D Costs	​	​	20,776	​	​	12,424
Operating lease liabilities	​	​	1,818	​	​	1,960
Share-based compensation	​	​	6,053	​	​	4,389
Accruals and other	​	​	1,076	​	​	1,305
Gross deferred tax assets	​	​	100,340	​	​	81,262
Less: valuation allowance	​	​	(98,960)	​	​	(79,724)
Total deferred tax assets		$	1,380		$	1,538
Deferred tax liabilities:	​	​	​	​	​	​
Depreciation and amortization		$	​		$	—
Operating lease assets	​	​	(1,380)	​	​	(1,538)
Gross deferred tax liabilities		$	(1,380)		$	(1,538)
Net deferred tax assets		$	—		$	—

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- References

No definition available.

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- 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

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- 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

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