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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:

		Year Ended December 31,
		2024				2023				2022
Federal statutory income tax rate			21.0	%			21.0	%			21.0	%
State income taxes			1.5	%			1.3	%			1.9	%
Change in valuation allowance			(25.1	%)			(29.1	%)			(23.4	%)
Stock-based compensation			1.1	%			0.7	%			(1.2	%)
Research tax credits			2.7	%			8.3	%			4.4	%
Other permanent differences			(0.0	%)			(0.1	%)			(0.1	%)
Section 162(m) limitation			(1.2	%)			(2.1	%)			(2.6	%)
Provision for income taxes			0.0	%			0.0	%			0.0	%

Schedule of Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands):

		As of December 31,
		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	37,524			$	34,717
Research and development credit carryforwards			30,868				19,997
Lease liability			4,074				610
Intangible assets			18,365				1,096
Stock-based compensation			7,401				2,593
Accruals and reserves			1,468				1,257
Capitalized research & development expenditures			69,271				36,267
Gross deferred tax assets			168,971				96,537
Less: Valuation allowance			(164,876	)			(95,888	)
Deferred tax assets, net of valuation allowance			4,095				649
Deferred tax liabilities:
Right-of-use assets			(3,990	)			(477	)
Property and equipment			(105	)			(172	)
Net deferred tax assets		$	—			$	—

Summary of Activity Related to Company's Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands).

Balance as of January 1, 2023		$	1,962
Increase related to prior year tax positions			372
Increase related to current year tax positions			1,488
Balance as of December 31, 2023		$	3,822
Decrease related to prior year tax positions			(185	)
Increase related to current year tax positions			2,290
Balance as of December 31, 2024		$	5,927

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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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