XML 163 R44.htm IDEA: XBRL DOCUMENT v3.25.3

Income Taxes (Tables)

12 Months Ended

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

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_TableTextBlockSupplementAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration