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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Net Loss Before Income Taxes | The components of net loss before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
U.S. |  | $ | (81,259 | ) |  | $ | (38,267 | )
Foreign |  |  | 916 |  |  |  | 666 |
Loss before income taxes |  | $ | (80,343 | ) |  | $ | (37,601 | )
Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate | The reconciliation between the effective tax rate and the statutory federal income tax rate for the years ended D e c e m b e r 31, 2023 and 2022 is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
U.S. statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 7.1 | % |  |  | 6.9 | %
Change in fair value of financial instruments |  |  | 3.0 | % |  |  | 0.0 | %
Tax credits |  |  | 0.4 | % |  |  | 1.0 | %
Valuation allowance |  |  | (30.5 | )% |  |  | (29.0 | )%
Non-deductible expenses |  |  | (0.9 | )% |  |  | 0.0 | %
Other |  |  | (0.4 | )% |  |  | (0.2 | )%
Effective tax rate |  |  | (0.3 | )% |  |  | (0.3 | )%
Schedule of Deferred Tax Assets | Significant components of the Company’s deferred tax assets are as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
U.S. federal and state net operating loss carryforwards |  | $ | 36,092 |  |  | $ | 25,051 |
Capitalized start-up and research and development expenses |  |  | 10,868 |  |  |  | 5,377 |
Research and development tax credits |  |  | 2,275 |  |  |  | 1,780 |
Interest expense |  |  | 3,918 |  |  |  | — |
Lease liability |  |  | 659 |  |  |  | 838 |
Depreciation |  |  | 203 |  |  |  | 236 |
Bad debt reserve |  |  | 3,461 |  |  |  | — |
Other temporary differences |  |  | 2,145 |  |  |  | 994 |
Total deferred tax assets |  |  | 59,621 |  |  |  | 34,276 |
Valuation allowance |  |  | (57,985 | ) |  |  | (33,484 | )
Net deferred tax assets |  |  | 1,636 |  |  |  | 792 |
Right of use asset |  |  | (623 | ) |  |  | (792 | )
Other deferred tax liability |  |  | (1,013 | ) |  |  | — |
Total deferred tax liabilities |  |  | (1,636 | ) |  |  | (792 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |
Summary of Valuation Allowance | Changes to the Company’s valuation allowance are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balances |  | $ | 33,484 |  |  | $ | 22,579 |
Additions charged to net loss |  |  | 24,501 |  |  |  | 10,905 |
Ending balances |  | $ | 57,985 |  |  | $ | 33,484 |

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