v3.24.4
Income Taxes (FY) (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2023 and 2022:

 
 
 
 
 
 
 
(in thousands)
 
 
December 31, 2023
 
 
December 31, 2022
Tax provision (benefit) at U.S. statutory rate
 
 
$(14,473)
 
 
21.0%
 
 
$(20,042)
 
 
21.0%
State income taxes, net of federal benefit
 
 
$(6,694)
 
 
9.7%
 
 
$11,113
 
 
(11.6)%
Non-deductible expenses
 
 
261
 
 
(0.4)%
 
 
(60)
 
 
0.1%
Change in value of equity instruments
 
 
(118)
 
 
0.2%
 
 
(1,089)
 
 
1.1%
Deferred adjustments
 
 
(56)
 
 
0.1%
 
 
(143)
 
 
0.2%
Other
 
 
(172)
 
 
0.3%
 
 
—
 
 
—%
Research and development credits
 
 
(274)
 
 
0.4%
 
 
(1,085)
 
 
1.1%
IRC Sec. 174
 
 
217
 
 
(0.3)%
 
 
—
 
 
—%
Uncertain tax positions
 
 
69
 
 
(0.1)%
 
 
276
 
 
(0.3)%
Change in valuation allowance
 
 
21,240
 
 
(30.8)%
 
 
11,030
 
 
(11.6)%
 
 
 
$—
 
 
—%
 
 
$—
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Deferred Tax Assets and Liabilities The following table presents the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022:

 
 
 
 
 
 
 
(in thousands)
 
 
December 31,
2023
 
 
December 31,
2022
Deferred tax assets:
 
 
 
 
 
 
Net operating loss carryforwards
 
 
$37,037
 
 
$16,562
Start-up and Organization Costs
 
 
16,913
 
 
16,965
Capitalized research and development credits
 
 
10,943
 
 
17,922
Intangibles
 
 
6,703
 
 
22
Stock-based compensation
 
 
4,972
 
 
3,072
Research and development credits
 
 
4,842
 
 
4,595
Operating lease obligations
 
 
1,375
 
 
1,534
Accrued expenses and reserves
 
 
621
 
 
1,710
Property and equipment
 
 
233
 
 
173
Other
 
 
1
 
 
1
Total deferred tax assets before valuation allowance
 
 
83,640
 
 
62,556
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
December 31,
2023
 
 
December 31,
2022
Valuation allowance
 
 
(82,440)
 
 
(61,200)
Total deferred tax assets
 
 
$1,200
 
 
$1,356
Deferred Tax Liabilities:
 
 
 
 
 
 
Operating lease right-of-use assets
 
 
$(1,200)
 
 
$(1,356)
Total deferred tax liabilities
 
 
$(1,200)
 
 
$(1,356)
Net deferred tax assets
 
 
$—
 
 
$—
 
 
 
 
 
 
 
Schedule of Unrecognized Tax Benefits The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:

 
 
 
 
(in thousands)
 
 
Gross unrecognized
tax benefits
Balance as of December 31, 2022
 
 
$1,712
Increases related to prior tax positions
 
 
(29)
Increases related to current tax positions
 
 
96
Balance as of December 31, 2023
 
 
$1,779