INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS

Significant components of the Company’s net deferred tax assets are as follows (in thousands):

	December 31,
	2023		2022
Deferred income tax assets:
NOL carryforwards	$	16,199	$	11,781
Research credit carryforwards		5,153		1,601
Capitalized R&D		19,404		8,490
Stock based compensation		1,929		923
Other		1,117		790
Gross deferred tax assets		43,802		23,585
Less: valuation allowance		(43,596)		(23,283)
Total deferred tax assets		206		302
Deferred income tax liabilities:
Other		(206)		(302)
Total deferred tax liabilities		(206)		(302)
Net deferred tax assets (liabilities)	$	—	$	—

SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):

	Years ended December 31,
	2023		2022
U.S. Federal statutory income tax rate	$	(15,831)	$	(10,829)
State taxes		(3,389)		(2,828)
Permanent and other differences		416		563
Stock-based compensation		1,049		(787)
Research and development credits		(2,676)		(757)
Change in valuation allowance		20,487		14,663
Total tax provision	$	56	$	25

SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS

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

	Years ended December 31,
	2023		2022
Beginning balance of unrecognized tax benefits	$	993	$	529
Additions based on tax positions related to the current year		1,127		461
Additions based on tax positions related to the prior year		94		3
Ending balance of unrecognized tax benefits	$	2,214	$	993