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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Provision for Income Taxes | The Company’s provision for income taxes consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income tax provision (expense) benefit: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | (1,910 | ) |  | $ | (427 | ) |  | $ | — |
State |  |  | (153 | ) |  |  | (273 | ) |  |  | — |
Total |  | $ | (2,063 | ) |  | $ | (700 | ) |  | $ | — |
Schedule of Reconciliation of Statutory U.S. Federal Rate and Effective Rate | A reconciliation of the statutory U.S. federal rate and effective rate is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal tax |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State tax, net of federal benefit |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 6.6 |
Change in valuation allowance |  |  | (42.9 | ) |  |  | (2.8 | ) |  |  | (26.9 | )
Nondeductible compensation |  |  | (17.0 | ) |  |  | (15.2 | ) |  |  | (0.2 | )
Research and development tax credits |  |  | 26.3 |  |  |  | 16.3 |  |  |  | 0.0 |
Stock based compensation |  |  | 16.5 |  |  |  | 10.2 |  |  |  | 0.4 |
Change in state deferred income tax rate |  |  | (0.5 | ) |  |  | (27.2 | ) |  |  | 0.0 |
Changes in unrecognized tax benefits |  |  | (5.7 | ) |  |  | (4.8 | ) |  |  | 0.0 |
Change in tax rates and other |  |  | 0.1 |  |  |  | 0.9 |  |  |  | (0.9 | )
Effective income tax rate |  |  | (1.9 | )% |  |  | (1.0 | )% |  |  | 0.0 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred income tax assets (liabilities) were as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred income tax assets: |  |  |  |  |  |
U.S. federal net operating loss carryforward |  | $ | 10,692 |  |  | $ | 29,929 |
State net operating loss carryforward |  |  | 287 |  |  |  | 1,110 |
Research and development expenditures |  |  | 65,346 |  |  |  | 44,047 |
Research and development credits |  |  | 26,838 |  |  |  | 9,829 |
Lease liabilities - operating |  |  | 11,641 |  |  |  | 12,710 |
Stock based compensation |  |  | 8,117 |  |  |  | 4,600 |
Accruals and others |  |  | 2,371 |  |  |  | 1,323 |
Deferred Revenue |  |  | 24,423 |  |  |  | — |
Gross deferred income tax assets |  |  | 149,715 |  |  |  | 103,548 |
Less: Valuation allowance |  |  | (137,302 | ) |  |  | (91,841 | )
Total deferred income tax assets |  |  | 12,413 |  |  |  | 11,707 |
Deferred income tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (6,692 | ) |  |  | (4,930 | )
Right-of-use asset - operating |  |  | (5,143 | ) |  |  | (5,903 | )
Section 481(a) adjustment |  |  | (578 | ) |  |  | (874 | )
Total deferred income tax liabilities |  |  | (12,413 | ) |  |  | (11,707 | )
Net deferred income tax assets (liabilities) |  | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits | The Company had $9.6 million and $3.5 million, and no unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively. Of the unrecognized tax benefits as of December 31, 2024, 2023 and 2022, none would affect the Company’s effective tax rate if recognized due to the Company's full valuation allowance position.
December 31, 2022 |  | $ | — |
Additions based on tax positions related to 2023 |  |  | 809 |
Additions for tax positions of prior years |  |  | 2,641 |
December 31, 2023 |  |  | 3,450 |
Additions based on tax positions related to 2024 |  |  | 3,177 |
Additions for tax positions of prior years |  |  | 2,951 |
December 31, 2024 |  | $ | 9,578 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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