Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the provision computed at the federal statutory rate to the Company's provision (benefit) for income taxes as follows:
December 31,
2023 2022
(In thousands, except percentages)
Tax at federal statutory rate $ (28,354) (21.0) % $ 2,104  (21.0) %
State, net of federal benefit (6,507) (4.8) % (5,083) 50.7  %
Stock based compensation 967  0.7  % 766  (7.6) %
Fair value adjustments (3,555) (2.4) % (23,773) 237.3  %
Research and development credits (1,121) (0.8) % (1,358) 13.6  %
Other 675  0.2  % 170  (1.8) %
Change in valuation allowance 37,895  28.1  % 27,174  (271.2) %
      Total provision for income taxes $ —  —  % $ —  —  %
Components of Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities are as follows:
December 31,
2023 2022
(In thousands)
Deferred tax assets
Net operating loss carryforwards $ 91,668  $ 64,731 
Research and development tax credits 12,087  9,269 
Stock based compensation 6,162  3,764 
Lease liability 3,098  3,694 
Section 174 research and development capitalization
 11,641  7,345 
Interest expense
 3,063  — 
Other timing differences 1,408  3,093 
Total deferred tax assets $ 129,127  $ 91,896 
Valuation allowance $ (125,722) $ (87,827)
Net deferred tax assets $ 3,405  $ 4,069 
Deferred tax liabilities
Fixed assets and intangibles $ (364) $ (410)
Right of use assets $ (3,041) $ (3,659)
Total deferred tax liabilities $ (3,405) $ (4,069)
Net deferred tax assets $ —  $ — 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
December 31,
2023 2022
(In thousands)
Balance at beginning of year $ 4,750  $ 3,684 
Additions based on tax positions related to the current year 1,310  1,066 
Balance at end of year $ 6,060  $ 4,750