Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Tax Rate

The effective tax rate of the Company's provision (benefit) for income taxes differs from the federal statutory rate as follows:

	For the Year Ended December 31,
	2023			2022
Statutory rate		21.00	%		21.00	%
State tax		0.33	%		0.25	%
Research and development tax credits		(18.98	)%		4.91	%
Other permanent differences		(0.67	)%		(0.55	)%
Change in valuation allowance		8.10	%		(25.61	)%
Change in fair value of warrant liability		(6.55	)%		(0.00	)%
Change in fair value of term loan		(0.30	)%		(0.00	)%
Stock-based compensation		(2.93	)%		(0.00	)%
Income tax provision (benefit)		0.00	%		0.00	%

Schedule of Significant Components of Net Deferred Tax Asset

At December 31, 2023 and 2022, the significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):

	For the Year Ended December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	47,373		$	45,609
Tax credit carryforwards		1,961			23,216
Accruals and reserves		1,020			689
Other		3,978			1
Intangibles		4,888			4,607
Non-qualified stock options		2,585			3,647
R&E expenditures		22,497			15,563
Lease liabilities		4,452			4,574
Impairment of long-lived assets		5,509			5,525
Total deferred tax assets		94,263			103,431
Deferred tax liabilities
Right-of-use assets		(2,224	)		(2,308	)
Fixed assets		(2	)		(47	)
Total deferred tax liabilities		(2,226	)		(2,355	)
Valuation allowance		(92,037	)		(101,076	)
Net deferred taxes	$	—		$	—