Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to the Company’s effective tax rate as reflected in the consolidated financial statements is as follows:

	Year Ended December 31,
	2023			2022
Federal income tax expense at statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefit		3.7			5.2
Permanent differences		4.4			(1.2	)
Foreign rate differential		(0.4	)		—
Research and development tax credits		(4.3	)		0.8
Change in valuation allowance		(48.2	)		(25.8	)
Stock based compensation		37.0			—
State rate changes		(8.0	)		—
Deferred true ups		(2.2	)		—
Provision to return		—			—
Effective income tax rate		3.0	%		—	%

Schedule of Deferred Tax Assets and Liabilities

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets and liabilities are comprised of the following:

	December 31,
	2023			2022
Deferred tax assets:
U.S., foreign and state net operating loss carryforwards	$	80,185		$	91,416
Research and development credits		8,356			8,471
Capitalized start up and organizational costs		21			23
Equity based compensation		313			3,610
Licensing agreements		3,710			3,929
Section 174 R&D capitalization		25,045			16,307
Lease liability		240			227
Accruals and other		906			1,032
Total deferred tax assets		118,776			125,015
Valuation allowance		(118,658	)		(124,695	)
Net deferred tax assets	$	118		$	320
Deferred tax liabilities:
Property and equipment	$	—		$	(102	)
ROU Asset		(118	)		(218	)
Total deferred tax liabilities		(118	)		(320	)
Net deferred tax liabilities	$	—		$	—