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Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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