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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 224 |  |  |  | 3,892 |
Total current |  |  | 224 |  |  |  | 3,892 |
Deferred: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Total deferred |  |  | — |  |  |  | — |
Provision for income taxes |  | $ | 224 |  |  | $ | 3,892 |
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 |  |  | 19.0 |  |  |  | (478.7 | )
Stock compensation |  |  | 4.6 |  |  |  | 47.2 |
Tax credits |  |  | (2.7 | ) |  |  | 242.7 |
Change in valuation allowance |  |  | (41.6 | ) |  |  | 283.2 |
162(m) limitation |  |  | 0.1 |  |  |  | 1.2 |
Other |  |  | 0.3 |  |  |  | 0.5 |
Total |  |  | 0.7 | % |  |  | 117.1 | %
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):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Net operating loss carryforwards |  | $ | 62,544 |  |  | $ | 56,767 |
Research and development credits |  |  | 23,871 |  |  |  | 22,149 |
Lease liability |  |  | 2,194 |  |  |  | 3,501 |
Intangible assets |  |  | 6,456 |  |  |  | 4,400 |
Deferred revenue |  |  | 22,111 |  |  |  | 47,286 |
Accrued liabilities |  |  | 981 |  |  |  | 2,425 |
Stock-based compensation |  |  | 8,770 |  |  |  | 9,600 |
Sec 174 capitalized research and development costs |  |  | 37,249 |  |  |  | 32,630 |
Other |  |  | 41 |  |  |  | 55 |
Total gross deferred income tax assets |  |  | 164,217 |  |  |  | 178,813 |
Less: valuation allowance |  |  | (162,110 | ) |  |  | (175,454 | )
Deferred tax assets, net of valuation allowance |  |  | 2,107 |  |  |  | 3,359 |
Fixed assets |  |  | (1 | ) |  |  | (105 | )
Right-of-use assets |  |  | (1,903 | ) |  |  | (3,061 | )
Prepaid expenses |  |  | (203 | ) |  |  | (193 | )
Deferred tax liabilities |  |  | (2,107 | ) |  |  | (3,359 | )
Net deferred income tax liabilities |  | $ | — |  |  | $ | — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Balance at the beginning of the year |  | $ | 19,377 |  |  | $ | 9,269 |
Additions based on tax positions related to current year |  |  | 617 |  |  |  | 527 |
Adjustment based on tax positions related to prior years |  |  | - |  |  |  | 9,581 |
Balance at end of the year |  | $ | 19,994 |  |  | $ | 19,377 |

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- 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
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