Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Statutory Federal 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	%
State income taxes, net of federal benefit		8.0			6.3
Federal and state research and development tax credits		4.0			3.5
Stock-based compensation		1.3			(0.4	)
Other		(0.7	)		0.1
Change in deferred tax asset valuation allowance		(33.6	)		(30.5	)
Effective income tax rate		0	%		0	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred income taxes are as follows (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	24,312		$	18,882
Research and experimental expenditures		20,598			7,608
Tax credits		7,202			3,550
Capitalized licenses		6,890			3,142
Accrued expenses		1,513			2,416
Stock-based compensation		1,234			565
Operating lease liabilities		574			359
Total deferred tax assets		62,323			36,522
Valuation allowance		(61,768	)		(36,102	)
Total deferred tax assets, net of valuation allowance		555			420
Deferred tax liabilities:
Operating right-of-use assets		(527	)		(385	)
Depreciation		(28	)		(35	)
Total deferred tax liabilities		(555	)		(420	)
Net deferred tax assets	$	—		$	—