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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

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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 the change in unrecognized tax benefits.

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