Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

The components of the income tax provision for the years ended December 31, 2023 and 2022 are as follows:


	Year Ended December 31,
	2023		2022
Current	$	1	$	3
Deferred		—		—
Total	$	1	$	3

Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate

A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows for the years ended December 31, 2023 and 2022:


	Year ended
	December 31,
	2023				2022
Federal income tax computed at federal statutory tax rate		21.00		%		21.00		%
State income tax, net of federal benefit		4.49				8.09
Permanent items		(4.86	)			7.92
Federal and state research and development credits		5.83				7.29
Expiring tax attributed - IRC 382		—				(65.82	)
Stock option cancellations		(1.87	)			(2.98	)
Other		0.14				(0.27	)
Change in valuation allowance		(24.73	)			24.77
Effective income tax rate		—		%		—		%

Schedule of Components of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2023 and 2022 (in thousands):


	Year ended
	December 31,
	2023			2022
Deferred tax assets:
Federal and state net operating loss carryforwards	$	95,290		$	81,989
Tax credit carryforwards		11,853			2,263
Capitalized R&D		48,483			27,227
Intangible assets		2,563			2,782
Stock-based compensation		7,486			9,035
Deferred revenue		—			1,183
Capital lease		5,697			6,262
Other		2,216			2,948
Total deferred tax assets		173,588			133,689
Less valuation allowance		(168,864	)		(128,186	)
Net deferred tax assets		4,724			5,503
Deferred tax liabilities:
Right-of-use asset		(3,329	)		(3,635	)
Fixed assets		(1,395	)		(1,868	)
Total deferred tax liabilities		(4,724	)		(5,503	)
Net deferred taxes	$	—		$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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