Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2023		2022
Federal tax benefit at statutory rate	(21.0)	%	(21.0)	%
State and local tax, net of federal benefit	(8.5)		(7.8)
State and local tax rate change	1.6		6.2
Permanent differences	0.4		2.0
Research and development	(0.9)		(2.9)
Change in valuation allowance	28.4		22.4
Return to provision	—		1.1
Total provision	—	%	—	%

Schedule of Deferred Tax Assets for Federal Income Taxes

Significant components of the Company's deferred tax assets for federal income taxes consisted of the following (in thousands):


	December 31,
	2023		2022
Deferred tax assets
Net operating losses	$	72,689	$	27,021
Capitalized research and development costs, net of amortization	33,778		11,907
Research and development credits	9,746		5,643
Start-up costs	4,407		4,744
Deferred revenue	13,353		—
Lease liability	668		1,451
Amortizable assets and other	21		59
Equity compensation	87		74
Gross deferred tax assets	134,749		50,899
Valuation allowance	(133,580)		(49,105)
Deferred tax assets, net of valuation allowance	1,169		1,794

Deferred tax liabilities
Right of use asset	(645)		(1,430)
Depreciation	(524)		(364)
Deferred tax liabilities	(1,169)		(1,794)
Net deferred tax assets and liabilities	$	—	$	—