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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions | The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | 59 |  |  |  | 48 |  |  |  | — |
Total current tax expense (benefit) |  | $ | 59 |  |  | $ | 48 |  |  | $ | — |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total deferred tax expense (benefit) |  | $ | — |  |  | $ | — |  |  | $ | — |
Total tax expense (benefit) |  | $ | 59 |  |  | $ | 48 |  |  | $ | — |
Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) | A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local income taxes |  |  | 3.2 | % |  |  | 4.5 | % |  |  | 7.4 | %
R&D tax credits |  |  | 5.3 | % |  |  | 3.1 | % |  |  | 5.9 | %
Compensation |  |  | 0.7 | % |  |  | 2.6 | % |  |  | (5.1 | )%
Warrant (gain) loss |  |  | (7.4 | )% |  |  | (2.5 | )% |  |  | 13.0 | %
Change in tax rates |  |  | 0.0 | % |  |  | (0.4 | )% |  |  | 0.4 | %
Provision to return and deferred tax adjustments |  |  | 0.1 | % |  |  | (0.2 | )% |  |  | 10.9 | %
Valuation allowance |  |  | (22.9 | )% |  |  | (28.0 | )% |  |  | (53.4 | )%
Other |  |  | 0.0 | % |  |  | (0.1 | )% |  |  | (0.1 | )%
Effective tax rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Summary of net deferred tax assets | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Accrued bonus |  | $ | 2,036 |  |  | $ | 3,652 |
Unearned revenue |  |  | 158 |  |  |  | 1,233 |
Stock-based compensation |  |  | 9,793 |  |  |  | 7,308 |
Depreciation and amortization |  |  | 3,109 |  |  |  | 2,843 |
Capitalized R&D costs |  |  | 62,939 |  |  |  | 27,432 |
Lease liabilities |  |  | 4,483 |  |  |  | 2,031 |
R&D credit carryforwards |  |  | 29,800 |  |  |  | 11,428 |
Net operating loss carryforwards |  |  | 56,204 |  |  |  | 36,197 |
Other |  |  | 677 |  |  |  | 686 |
Total deferred tax assets |  | $ | 169,199 |  |  | $ | 92,810 |
Valuation allowance |  |  | (166,287 | ) |  |  | (90,963 | )
Total deferred tax assets, net of valuation allowance |  | $ | 2,912 |  |  | $ | 1,847 |
Deferred tax liabilities: |  |  |  |  |  |
Right of use assets |  |  | (2,386 | ) |  |  | (1,142 | )
Other |  |  | (526 | ) |  |  | (705 | )
Total deferred tax liabilities |  | $ | (2,912 | ) |  | $ | (1,847 | )
Net deferred tax assets (liabilities) |  | $ | — |  |  | $ | — |
Summary of valuation allowance against its gross deferred tax assets | The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 90,963 |  |  | $ | 48,212 |  |  | $ | 20,388 |
Charged to costs and expenses |  |  | 75,780 |  |  |  | 44,123 |  |  |  | 25,925 |
Charged (credited) to other accounts |  |  | (456 | ) |  |  | (1,372 | ) |  |  | 1,899 |
Ending balance |  | $ | 166,287 |  |  | $ | 90,963 |  |  | $ | 48,212 |

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