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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Provision for Income Taxes | For financial reporting purposes, loss before provision for income taxes includes the following components (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Domestic |  | $ | (152,147 | ) |  | $ | (95,989 | )
Foreign |  |  | — |  |  |  | — |
Loss before income taxes |  | $ | (152,147 | ) |  | $ | (95,989 | )
Schedule of Components of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 1 |  |  |  | 1 |
Total current |  |  | 1 |  |  |  | 1 |
Total deferred |  |  | — |  |  |  | — |
Provision for income taxes |  | $ | 1 |  |  | $ | 1 |
Schedule of Reconciliation of Provision for Income Taxes | A reconciliation of the provision for income taxes computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statement of operations and comprehensive loss is as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Tax on U.S. statutory rate on income before income taxes |  | $ | (31,951 | ) |  | $ | (20,158 | )
State taxes |  |  | (1,010 | ) |  |  | (489 | )
State valuation allowance |  |  | 1,011 |  |  |  | 490 |
Federal valuation allowance |  |  | 34,449 |  |  |  | 21,250 |
Tax credits |  |  | (1,294 | ) |  |  | (1,598 | )
Stock based compensation |  |  | (1,845 | ) |  |  | — |
Other |  |  | 641 |  |  |  | 506 |
Provision for income taxes |  | $ | 1 |  |  | $ | 1 |
Summary of Deferred Tax Assets and Liabilities | The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Federal and state NOL carryforward |  | $ | 38,736 |  |  | $ | 27,539 |
Research and other credits |  |  | 8,190 |  |  |  | 6,051 |
Capitalized R&D |  |  | 46,225 |  |  |  | 25,264 |
Fixed assets |  |  | 5 |  |  |  | 3 |
Reserves and accruals |  |  | 1,310 |  |  |  | 755 |
Stock based compensation |  |  | 4,311 |  |  |  | 2,978 |
Other intangibles |  |  | 7,641 |  |  |  | 8,313 |
Other DTA |  |  | 400 |  |  |  | 384 |
Lease liability |  |  | 831 |  |  |  | 804 |
Total gross DTA |  |  | 107,649 |  |  |  | 72,091 |
Less: valuation allowance |  |  | (106,857 | ) |  |  | (71,372 | )
Total deferred tax assets |  |  | 792 |  |  |  | 719 |
Deferred tax liabilities: |  |  |  |  |  |
Right of use |  |  | (709 | ) |  |  | (619 | )
Other DTL |  |  | (83 | ) |  |  | (100 | )
Total gross DTL |  |  | (792 | ) |  |  | (719 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits | The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 1,513 |  |  | $ | 941 |
Additions based on tax positions related to prior year |  |  | — |  |  |  | — |
Decreases based on tax positions related to prior year |  |  | — |  |  |  | — |
Additions based on tax positions related to current year |  |  | 535 |  |  |  | 572 |
Ending balance |  | $ | 2,048 |  |  | $ | 1,513 |

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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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