Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of components of the Company's loss before income tax expense
The components of the Company’s loss before income tax expense are as follows (in thousands):
Year Ended December 31,
2023 2022
United States $ (106,261) $ (85,760)
Foreign 58  (646)
Loss before income tax provision $ (106,203) $ (86,406)
Schedule of Income Tax Expense
Income tax expense is comprised of the following (in thousands):
Year Ended December 31,
2023 2022
Current:
Federal $ — $ —
State 27 —
Foreign 24 —
Total current income tax expense $ 51 $ —
Deferred:
Federal $ — $ —
State — —
Foreign — —
Total deferred income tax expense $ — $ —
Total income tax expense $ 51 $ —
Summary of reconciliation of the U.S. federal statutory income tax rate to the Company's effective 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 3.4  3.5 
Federal and state research and development tax credits —  (1.2)
Change in fair value of contingent earn-out liability and contingently issuable common stock liability (4.5) 3.4 
Change in valuation allowance (16.9) (23.6)
Change in uncertain tax positions (0.4) — 
Change in tax rate 0.8  (0.1)
Stock-based compensation (0.6) (0.2)
Non-deductible compensation (2.4) (2.6)
Permanent differences (0.1) (0.2)
Other (0.3) — 
Effective income tax rate 0.0  % 0.0  %
Summary of net deferred tax assets
Net deferred tax assets consisted of the following (in thousands):
December 31,
2023 2022
Deferred tax assets:    
Net operating loss carryforwards $ 41,541 $ 36,518
Research and development tax credit carryforwards 3,802 3,836
Capitalized research and development costs 13,043 9,965
Accrued expenses 7,230 6,660
Deferred revenue 18,206 8,884
Lease liability 351 490
Other 1,305 106
Total deferred tax assets 85,478 66,459
Valuation allowance (82,558) (64,570)
Total deferred tax assets, net of valuation allowance 2,920 1,889
Deferred tax liabilities:    
Depreciation and amortization (2,601) (1,464)
Right of use lease asset (302) (409)
Other (17) (16)
Total deferred tax liabilities (2,920) (1,889)
Net deferred tax assets $ — $ —
Summary of changes in the valuation allowance for deferred tax assets
Changes in the valuation allowance for deferred tax assets related primarily to the increase in net operating loss carryforwards and capitalized R&D costs and were as follows (in thousands):
December 31,
2023 2022
Valuation allowance as of beginning of year $ 64,570 $ 43,966
Additions charged to provision for income taxes 17,988 20,320
Additions charged to equity — 332
Currency translation and other — (48)
Valuation allowance as of end of year $ 82,558 $ 64,570
Schedule of Uncertain Tax Positions
The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes) (in thousands):
December 31,
2023 2022
Balance at beginning of fiscal year $ — $ —
Gross increases related to prior year tax positions 407 —
Foreign exchange and others 21 —
Balance at end of fiscal year $ 428 $ —