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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of loss before the provision for (benefit from) income taxes

The following table presents the components of loss before the provision for (benefit from) income taxes during the years ended December 31, 2024 and 2023 (in thousands):

​	​	​	​	​	​	​
​		December 31,
​		2024			2023
U.S.	​	$	(160,918)	​	$	(10,845)
Non-U.S.	​		4,359	​		(25,978)
Loss before taxes on income	​	$	(156,559)	​	$	(36,823)

Schedule of components of the income tax provision

The components of the income tax provision for the years ended December 31, 2024 and 2023 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
Current income tax provision:		​			​
Federal	​	$	123	​	$	289
State	​		306	​		12
Foreign	​		—	​		—
Total current income tax provision	​		429	​		301
​	​	​	​	​	​	​
Deferred income tax provision:	​			​
Federal, state and foreign	​		—	​		—
Total deferred income tax provision	​		—	​		—
Total income tax provision	​	$	429	​	$	301

Schedule of reconciliation of the income tax expense

​

​	​	​	​	​	​
​	​	December 31,
​	​	2024	​	2023
Federal statutory income tax rate		21.0	%	21.0	%
State income taxes, net of federal benefit		6.4		3.4	​
Change in valuation allowance		(32.3)		(26.4)	​
IP transfer	​	(0.3)	​	—	​
Research and development tax credits		4.9		8.8	​
Foreign tax rate differential		0.2		(7.6)	​
Other adjustments		(0.2)		—	​
Effective income tax rate		(0.3)	%	(0.8)	%

Schedule of components of the Company's deferred tax assets and liabilities

The following table presents the components of the Company’s deferred tax assets and liabilities (in thousands):

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
Deferred tax assets:		​			​
Net operating loss carryforwards	​	$	29,605	​	$	9,960
Capitalized research and development	​		39,716	​		19,573
Research and development tax credits	​		14,292	​		6,547
Accruals	​		1,886	​		1,424
Milestone payments	​		442	​		719
Stock-based compensation	​		4,016	​		1,188
Other	​		901	​		550
Total deferred tax assets	​		90,858	​		39,961
Deferred tax liabilities:	​	​	​	​	​	​
Amortization and other	​		(563)	​		(200)
Total deferred tax liabilities	​		(563)	​		(200)
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Net deferred tax asset before valuation allowance	​	​	90,295	​	​	39,761
Valuation allowance	​	​	(90,295)	​	​	(39,761)
Net deferred tax asset	​	$	—	​	$	—

​

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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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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 income before income tax between domestic and foreign jurisdictions.

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