v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of current and deferred tax provision

A summary of the Company’s current and deferred tax provision is as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Current income tax provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

State

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Total current income tax provision

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Deferred income tax benefit:

 

 

 

 

 

 

 

 

 

Federal

 

 

 

40,292

 

 

 

 

27,269

 

 

 

 

23,352

 

State

 

 

 

28,079

 

 

 

 

14,568

 

 

 

 

7,274

 

Total deferred income tax benefit

 

 

 

68,371

 

 

 

 

41,837

 

 

 

 

30,626

 

Change in deferred tax asset valuation allowance

 

 

 

(68,371

)

 

 

 

(41,837

)

 

 

 

(30,626

)

Total provision for income taxes

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

Schedule of reconciliation of the U.S. federal statutory income tax

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

 

 

 

2021

 

 

Federal statutory income tax rate

 

 

21.0

 

 %

 

 

21.0

 

 %

 

 

21.0

 

 %

State income taxes, net of federal benefit

 

 

18.5

 

 

 

13.0

 

 

 

7.2

 

Research and development tax credits

 

 

2.4

 

 

 

2.4

 

 

 

2.0

 

Other permanent differences

 

 

2.6

 

 

 

0.8

 

 

 

(0.1

)

Change in deferred tax asset valuation allowance

 

 

(44.5

)

 

 

 

(37.2

)

 

 

 

(30.1

)

 

Effect of Section 382 limitation

 

 

-

 

 

 

-

 

 

 

-

 

Effective income tax rate

 

 

-

 

 %

 

 

-

 

 %

 

 

-

 

 %

Schedule of Net deferred tax assets

Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

 

 

 

  Net operating loss carry forwards

 

$

 

88,219

 

 

$

 

68,450

 

  Research and development tax credit carry forwards

 

 

 

12,846

 

 

 

 

7,704

 

  License fees

 

 

 

5,545

 

 

 

 

3,355

 

  Stock based compensation

 

 

 

14,286

 

 

 

 

8,974

 

  Capitalized research and experimentation costs

 

 

 

58,610

 

 

 

 

20,803

 

  Accruals, reserves and other

 

 

 

242

 

 

 

 

191

 

 

 

 

 

179,748

 

 

 

 

109,477

 

  Valuation allowance

 

 

 

(177,061

)

 

 

 

(108,690

)

     Net deferred tax assets

 

$

 

2,687

 

 

 

 

787

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

  Prepaid expenses

 

 

 

(2,687

)

 

 

 

(787

)

     Net deferred tax liabilities

 

$

 

(2,687

)

 

 

 

(787

)