Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022
Income tax computed at federal statutory rate	21.0	%	21.0	%
State taxes	9.4		8.3
Change in valuation allowance	(12.4)		(30.4)
R&D credit carryovers	4.5		2.4

Stock-based compensation	(3.0)		(1.5)
Permanent differences	(0.6)		0.2
Section 382 net operating loss adjustments	(20.2)		0.0
Other	1.3		0.0
Effective income tax rate	0.0	%	0.0	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consist of the following:


	As of December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating losses	$	23,873		$	26,234
Tax credit carryforwards	3,168			3,819
Lease liability	3,645			4,180
Other capitalized costs—net of amortization	95			103
Reserves and accruals	1,295			950
Stock-based compensation	2,021			1,448
Capitalized research and experimental expenditures—net of amortization	16,162			9,474
Deferred tax assets	50,259		—	46,208
Valuation allowance	(47,058)			(42,417)
Deferred tax assets recognized	3,201		—	3,791
Deferred tax liabilities:
Right of use asset	(1,993)			(2,358)
Fixed assets and depreciation	(1,208)			(1,433)


Deferred tax liabilities	(3,201)			(3,791)
Net deferred taxes	$	—		$	—