Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate

A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Income tax expense (benefit) at statutory rates	$	(44,566)	$	(36,539)	$	(24,784)
State income tax, net of federal benefit	(5,882)		(11,821)		(7,868)
Permanent items	342		1,078		210
Reserve for uncertain tax positions	5,993		2,583		1,170
Research and development tax credits	(24,054)		(9,983)		(4,792)
Valuation allowance	62,004		54,093		35,326
Stock-based compensation	3,331		492		828
Rate adjustment	2,526		(5)		(2)
Other	306		102		(88)
Income tax expense (benefit)	$	—	$	—	$	—

Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2023, and 2022 are shown below (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	72,658	$	56,854
Section 174 R&E capitalization	52,085		25,039
Research and development tax credits	31,053		12,947
Deferred revenue	125		1,762
Accrued expenses	2,809		3,909
Intangibles and fixed assets	1,265		1,822
Lease liabilities	2,342		3,000
Stock-based compensation	12,451		8,614
Total deferred tax assets	174,788		113,947
Less valuation allowance	(172,822)		(111,489)
Net deferred tax assets	1,966		2,458
Deferred tax liabilities:
Right-of-use assets	(1,966)		(2,458)
Total deferred tax liabilities	(1,966)		(2,458)
Net deferred tax assets	$	—	$	—

Schedule of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Gross unrecognized tax benefits at the beginning of the year	$	4,771	$	1,996	$	671
Increases related to current year positions	6,156		2,614		1,283
Increases related to prior year positions	122		161		42

Gross unrecognized tax benefits at the end of the year	$	11,049	$	4,771	$	1,996