XML 61 R37.htm IDEA: XBRL DOCUMENT
v3.25.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of (Benefit) Provision for Income Taxes | The components of the (benefit) provision for income taxes were as follows for the years ended December 31, 2024 and 2023 (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | (7 | ) |  | $ | 200 |
State |  |  | — |  |  |  | — |
Total current |  |  | (7 | ) |  |  | 200 |
Deferred: |  |  |  |  |  |
Federal |  |  | (491 | ) |  |  | 491 |
State |  |  | — |  |  |  | — |
Total deferred |  |  | (491 | ) |  |  | 491 |
(Benefit) provision for income taxes |  | $ | (498 | ) |  | $ | 691 |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
U.S. federal taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State tax, net of federal benefit |  |  | 8.0 |  |  |  | (34.2 | )
Stock compensation |  |  | (0.7 | ) |  |  | 6.9 |
Tax credits |  |  | 1.5 |  |  |  | (19.1 | )
Change in valuation allowance |  |  | (29.0 | ) |  |  | 39.5 |
Other |  |  | (0.1 | ) |  |  | 0.1 |
Total effective income tax rate |  |  | 0.7 | % |  |  | 14.2 | %
Schedule of Deferred Income Tax Assets and Liabilities | The types of temporary differences that give rise to significant portions of the Company’s deferred income tax assets and liabilities are set out below (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Net operating loss carryforwards |  | $ | 7,122 |  |  | $ | 3,940 |
Research and development credits |  |  | 4,102 |  |  |  | 2,338 |
Lease liability |  |  | 7,129 |  |  |  | 3,516 |
Stock-based compensation |  |  | 61 |  |  |  | 9 |
Accrued liabilities |  |  | 1,163 |  |  |  | 841 |
Sec 174 capitalized research and development costs |  |  | 20,855 |  |  |  | 11,313 |
Total deferred tax assets before valuation allowance |  |  | 40,432 |  |  |  | 21,957 |
Valuation allowance |  |  | (33,061 | ) |  |  | (12,127 | )
Total deferred tax assets |  |  | 7,371 |  |  |  | 9,830 |
Property and equipment |  |  | (766 | ) |  |  | (521 | )
Right-of-use assets |  |  | (6,605 | ) |  |  | (3,504 | )
Sale of non-financial asset |  | — |  |  |  | (6,296 | )
Total deferred tax liabilities |  |  | (7,371 | ) |  |  | (10,321 | )
Net deferred income tax liabilities |  | $ | — |  |  | $ | (491 | )
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Balance at the beginning of the year |  | $ | 2,529 |  |  | $ | 1,828 |
Additions based on tax positions related to current year |  |  | 998 |  |  |  | 728 |
Adjustment based on tax positions related to prior years |  |  | 40 |  |  |  | (27 | )
Balance at end of the year |  | $ | 3,567 |  |  | $ | 2,529 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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