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Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The components of the net deferred tax asset as of December 31, 2024 and 2023 are as follows:

		December 31,
		2024				2023
		(In thousands)
Deferred tax assets:
Net operating loss carryforwards		$	107,698			$	29,290
Research and development tax credits			19,379				13,133
Capitalized research and development costs*			97,294				49,156
Stock-based compensation			13,172				7,307
Accrued bonus			4,116				1,124
Lease liability			930				1,035
Other			—				367
Total deferred tax assets			242,589				101,412
Deferred tax liabilities:
Right of use asset			(853	)			(931	)
Other			(3,591	)			—
Total deferred tax liabilities			(4,444	)			(931	)
Valuation allowance			(238,145	)			(100,481	)
Net deferred tax assets		$	—			$	—

*Capitalized costs deferred tax asset includes research and development capitalized expenditures of $24.8 million under IRC 59(e) and $70.4 million under IRC 174.

Summary of Reconciliation of the Federal Income Tax Rate

A reconciliation between the Company’s effective tax rate and the federal statutory rate for the years ended December 31, 2024 and 2023 are as follows:

		December 31,
		2024		2023
Federal statutory rate		21.00%		21.00%
State income taxes, net of federal tax benefit		5.06%		4.84%
Acquired IPR&D		(19.65)%		0.00%
Stock based compensation		(0.31)%		(1.33)%
Tax credits		0.72%		3.05%
True-up		0.04%		(3.42)%
Acquisition		10.25%		0.00%
Change in rate		6.49%		(4.41)%
Other items		0.66%		0.07%
Valuation allowance		(24.26)%		(19.80)%
Effective tax rate		0.00%		0.00%

Schedule of Unrecognized Tax Benefits Roll Forward

For the years ended December 31, 2024 and 2023, the activity related to the unrecognized tax benefits were as follows (in thousands):

		Years Ended December 31,
		2024				2023
Unrecognized tax benefits at beginning of year		$	5,629			$	5,068
Gross increases - current year tax positions			1,788				1,019
Gross decreases - prior year tax positions			(26	)			(458	)
Unrecognized tax benefits at end of year		$	7,391			$	5,629

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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.

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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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