Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

	Year Ended December 31,
	2023		2022
Federal income tax (benefit) at statutory rate	21.00	%	21.00	%
Permanent differences	(0.12)		(0.66)
Federal research and development credits and adjustments	3.44		3.88
State income tax, net of federal benefit	6.25		5.67
Stock compensation	(1.61)		(1.25)
Other	0.05		(0.58)
Change in valuation allowance	(29.01)		(28.11)
Effective income tax rate	—	%	—	%

Schedule of components of deferred tax assets

The Company’s deferred tax assets consisted of the following (in thousands):

	Year Ended December 31,
	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	85,734	$	80,136
Tax credit carryforwards		14,576		12,073
Capitalized research and development		16,927		8,094
Capitalized licenses		4,041		—
Capitalized legal expenses		918		964
Lease liability		90		257
Other differences		2,587		2,365
Total gross deferred tax assets		124,873		103,889
Less valuation allowance		(124,774)		(103,630)
Net deferred tax assets		99		259
Deferred tax liabilities
ROU asset		(99)		(259)
Net deferred taxes	$	—	$	—