v3.24.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Tax Rates
A reconciliation of the effective tax rate for the years ended December 31, 2023 and 2022 is as follows:
20232022
Statutory US Federal Rate21.0 %21.0 %
State taxes, net of federal benefit5.5 %5.7 %
Permanent differences(0.1)%(0.1)%
General business credits4.0 %4.4 %
Stock compensation(1.9)%(1.4)%
Change in valuation allowance(28.5)%(29.6)%
— %— %
Schedule of Significant Components of Net Deferred Tax Assets Significant components of the Company’s net deferred tax assets as of December 31, 2023 and 2022 are as follows:
(in thousands)20232022
Deferred tax assets:
Net operating losses$126,798 $113,981 
R&D capitalization67,107 40,380 
Tax credit carryforwards28,409 21,429 
Stock-based compensation6,899 6,522 
Accrued expenses3,142 3,340 
Lease liabilities2,274 3,096 
Capitalized licenses2,725 3,077 
Deferred revenue3,688 1,062 
Depreciation353 437 
Other156 116 
Total gross deferred tax assets241,551 193,440 
Valuation allowance(239,468)(190,588)
Net deferred tax assets less valuation allowance2,083 2,852 
Deferred tax liabilities
Right-of-use assets(2,083)(2,852)
Total gross deferred tax liabilities(2,083)(2,852)
Net deferred taxes$— $—