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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Table Text Block Supplement [Abstract] |
Schedule of Income Taxes | Income taxes consisted of the following for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 1 |  |  |  | 9 |
Total |  |  | 1 |  |  |  | 9 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Total |  |  | — |  |  |  | — |
Income taxes |  | $ | 1 |  |  | $ | 9 |
Schedule of effective income tax rate reconciliation | The Company’s effective income tax rate reconciliation was composed of the following for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Federal statutory rate, benefit |  | $ | (14,586 | ) |  | $ | (11,958 | )
State income taxes, net of benefit |  |  | (5,318 | ) |  |  | (4,881 | )
Nondeductible expenses |  |  | 35 |  |  |  | 153 |
Stock-based compensation |  |  | 2,566 |  |  |  | 1,618 |
Change in valuation allowance |  |  | 20,366 |  |  |  | 18,099 |
R&D credits |  |  | (3,084 | ) |  |  | (3,022 | )
Other |  |  | 22 |  |  |  | — |
Income taxes |  | $ | 1 |  |  | $ | 9 |
Schedule of net deferred tax assets | Deferred Income Taxes The components of net deferred tax assets were as follows for the periods presented (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 47,448 |  |  | $ | 35,486 |
Accrued expenses and other current liabilities |  |  | 1,666 |  |  |  | 1,212 |
Charitable contributions |  |  | 22 |  |  |  | 8 |
Depreciation and amortization |  |  | 930 |  |  |  | 756 |
Stock-based compensation |  |  | 233 |  |  |  | — |
Operating lease liabilities |  |  | 2,136 |  |  |  | 1,848 |
Capitalized research and development expense |  |  | 12,920 |  |  |  | 8,659 |
Tenant improvement allowance |  |  | — |  |  |  | 4 |
Section 195 capitalization |  |  | 369 |  |  |  | 418 |
Research and development credits |  |  | 12,076 |  |  |  | 8,764 |
Total deferred tax assets |  |  | 77,800 |  |  |  | 57,155 |
Less: valuation allowance |  |  | (75,737 | ) |  |  | (55,372 | )
Total deferred tax assets, net of valuation allowance |  |  | 2,063 |  |  |  | 1,783 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  | (2,064 | ) |  |  | (1,784 | )
Other |  |  | 1 |  |  |  | 1 |
Total deferred tax liabilities |  |  | (2,063 | ) |  |  | (1,783 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Schedule of tax credit carryforwards | Available Carryforwards As of December 31, 2024, NOLs and tax credit carryforwards were as follows (in millions):
|  | Amount |  |  | Expiration Years
NOLs, federal |  | $ | 160.8 |  |  | Indefinite
NOLs, state |  |  | 154.3 |  |  | 2039
Research and development tax credits, federal |  |  | 9.4 |  |  | 2039
Research and development tax credits, state |  |  | 6.7 |  |  | Indefinite
Schedule of unrecognized tax benefits | Uncertain Tax Positions A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits was as follows for the periods presented (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Beginning balance of unrecognized tax benefits |  | $ | 2,441 |  |  | $ | 1,679 |
Gross increases based on tax positions related to current year |  |  | 795 |  |  |  | 762 |
Gross increases based on tax positions related to prior years |  |  | 33 |  |  |  | — |
Ending balance of unrecognized tax benefits |  | $ | 3,269 |  |  | $ | 2,441 |

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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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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
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