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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income (loss) before provision for income taxes consisted of the following (in thousands):

Year Ended December 31,
20232022
United States$(36,317)$(55,189)
Loss before provision for income taxes$(36,317)$(55,189)
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows:
Year Ended
December 31,
20232022
Federal statutory income tax21.0 %21.0 %
State income taxes, net of federal tax benefit(0.8)%(0.1 %)
Other permanent items(0.5)%(0.4)%
Research and development credit5.8 %3.0 %
Bargain purchase gain9.5 %— %
Valuation allowance(35.0)%(23.5)%
Effective income tax rate— — 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s net deferred tax assets are as follows (in thousands):
Year Ended
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$60,287 $25,253 
Research and development credits9,765 3,681 
Accruals & reserves802 727 
Stock compensation2,952 107 
Amortization778 298 
Lease liability3,157 995 
Capitalized research and development expenses22,134 8,271 
Total deferred tax assets99,875 39,332 
Valuation allowance(98,926)(38,168)
Net deferred tax assets949 1,164 
Deferred tax liabilities:
Depreciation(152)(224)
Right of use asset(797)(940)
Total deferred tax liabilities(949)(1,164)
Net deferred taxes$— $— 
Summary of Valuation Allowance The Company’s valuation allowance for the years ended December 31, 2023 and 2022 is as follows (in thousands):
Year Ended
December 31,
20232022
Valuation allowance beginning of year$38,168 $25,195 
Increases recorded to income tax provision12,701 12,973 
Increase recorded to equity
48,057 — 
Valuation allowance at end of year$98,926 $38,168 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Year Ended
December 31,
20232022
Beginning balance$1,108 $632 
Additions based on tax positions related to current year574 476 
Additions for tax positions of prior years929 — 
Ending Balance$2,611 $1,108