Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of The Company's Provision For Income Taxes

The Company’s provision for income taxes is comprised of the following for the periods ended December 31, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2023		2022
Current:
Federal	$	2,488	$	—
State		110		—
Foreign		—		—
		2,598		—
Deferred:
Federal		—		—
State		—		—
Foreign		—		—
		—		—
Provision for income taxes	$	2,598	$	—

Schedule of Domestic and Foreign Components of Loss before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):

	Year Ended December 31,
	2023		2022
Domestic	$	25,404	$	(46,249	)
Foreign		—		(166	)
Income (loss) before income taxes	$	25,404	$	(46,415	)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2023				2022
Federal statutory income tax rate		21.0				(21.0	)
Federal and state research and development tax credit		(4.9	)			(4.3	)
State taxes, net of federal benefit		(0.4	)			(2.3	)
Nondeductible stock compensation		8.5				—
Other nondeductible items		0.3				1.0
Other		(1.0	)			—
Reduction in tax attributes		13.9				—
Increase in deferred tax asset valuation allowance		(27.2	)			26.6
Effective income tax rate		10.2		%		—

Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31,
	2023			2022
Net operating loss carryforwards	$	25,646		$	78,619
Deferred revenue		47,014			—
Research and development tax credit carryforwards		7,612			14,294
Capitalized research and development expenses, net		21,342			11,613
Other		6,264			10,264
Total deferred tax assets		107,878			114,790
Valuation allowance		(107,878	)		(114,790	)
Net deferred tax assets	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2023 and 2022 related primarily to the increase in net operating loss carryforwards and research and development tax credit carryforwards, and were as follows (in thousands):

	December 31,
	2023			2022
Valuation allowance as of beginning of year	$	(114,790	)	$	(102,444	)
Increases recorded to income tax provision		6,912			(12,346	)
Valuation allowance as of end of year	$	(107,878	)	$	(114,790	)