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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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