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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate | A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax expense (benefit) at statutory rates | $ | (67,683) |  |  | $ | (44,566) |  |  | $ | (36,539) |
State income tax, net of federal benefit | (8,170) |  |  | (5,882) |  |  | (11,821) |
Permanent items | 66 |  |  | 51 |  |  | 1 |
Reserve for uncertain tax positions | 10,572 |  |  | 5,993 |  |  | 2,583 |
Research and development tax credits | (42,279) |  |  | (24,054) |  |  | (9,983) |
Valuation allowance | 98,813 |  |  | 61,332 |  |  | 54,093 |
Stock-based compensation | (15,264) |  |  | 3,331 |  |  | 492 |
Section 162(m) disallowance | 20,604 |  |  | 291 |  |  | 1,077 |
Rate adjustment | 2,766 |  |  | 2,526 |  |  | (5) |
Other | 575 |  |  | 978 |  |  | 102 |
Income tax expense (benefit) | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of December 31, 2024, and 2023 are shown below (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 83,371 |  |  | $ | 72,658 |
Section 174 R&E capitalization | 103,288 |  |  | 52,085 |
Research and development tax credits | 62,793 |  |  | 31,053 |
Deferred revenue | 12,529 |  |  | 125 |
Accrued expenses | 287 |  |  | 2,809 |
Intangibles and fixed assets | 698 |  |  | 1,265 |
Lease liabilities | 1,446 |  |  | 2,342 |
Stock-based compensation | 8,418 |  |  | 12,451 |
Total deferred tax assets | 272,830 |  |  | 174,788 |
Less valuation allowance | (271,636) |  |  | (172,822) |
Net deferred tax assets | 1,194 |  |  | 1,966 |
Deferred tax liabilities: |  |  |
Right-of-use assets | (1,194) |  |  | (1,966) |
Total deferred tax liabilities | (1,194) |  |  | (1,966) |
Net deferred tax assets | $ | — |  |  | $ | — |
Schedule of Activity Related to Gross Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits at the beginning of the year | $ | 11,049 |  |  | $ | 4,771 |  |  | $ | 1,996 |
Increases related to current year positions | 11,110 |  |  | 6,156 |  |  | 2,614 |
Increases related to prior year positions | — |  |  | 122 |  |  | 161 |
Gross unrecognized tax benefits at the end of the year | $ | 22,159 |  |  | $ | 11,049 |  |  | $ | 4,771 |

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