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 Components of Income Tax Expense (Benefit)
The components of the Company's deferred tax assets and liabilities are as follows:

Year Ended December 31,
(in thousands)
2023 2022
Currently reportable expense
Federal
 $ — $ —
State
 — —
— —
Deferred benefit:
Federal
 24,610 14,434
State
 10,032 5,948
34,642 20,382
Less valuation allowance (34,642) (20,382)
Total provision for income tax expense $ — $ —
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate:
Year Ended December 31,
2023 2022
Federal statutory income tax rate 21.0% 21.0%
State tax 6.4% 4.2%
Stock-based compensation (2.6)% (5.3)%
Non-deductible expenses 3.4% (1.6)%
Research and development credit (0.3)% 0.1%
Change in valuation allowance (27.9)% (18.4)%
Effective tax rate —  % —  %
Schedule of Deferred Tax Assets and Liabilities
December 31,
(in thousands)
2023 2022
Gross deferred tax assets arising from
Net operating loss carryforwards $ 51,490 $ 27,953
ASC 842 lease liability 3,846 3,317
Acquired intangibles 11,576 1,082
Accruals and reserves 11,780 1,418
Capitalized research expenditures 4,662 2,210
Gross deferred tax assets 83,354 35,980
Less valuation allowance (66,129) (31,487)
Deferred tax assets, net of valuation allowance 17,225  4,493 
Deferred tax liabilities arising from:
ASC 842 right-of-use asset (3,077) (2,749)
Fixed assets and land (14,148) (1,744)
Gross deferred tax liabilities (17,225) (4,493)
Net deferred tax liabilities $ — $ —