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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

​

​	​	​	​	​	​
​	​	Year Ended December 31,			​
​		2024		2023
Federal income tax (benefit) at statutory rate	​	21.00	%	21.00	%
Permanent differences		(0.07)	​	(0.12)	​
Federal research and development credits and adjustments		5.43	​	3.44	​
State income tax, net of federal benefit		6.34	​	6.25	​
Stock compensation	​	(1.76)	​	(1.61)	​
Other		(0.39)	​	0.05	​
Change in valuation allowance	​	(30.55)	​	(29.01)	​
Effective income tax rate	​	—	%	—	%

​

Schedule of components of deferred tax assets

The Company’s deferred tax assets consisted of the following (in thousands):

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023
Deferred tax assets	​	​	​	​	​	​
Net operating loss carryforwards	​	$	93,650	​	$	85,734
Tax credit carryforwards	​	​	19,719	​	​	14,576
Capitalized research and development	​	​	31,719	​	​	16,927
Capitalized licenses	​	​	3,714	​	​	4,041
Capitalized legal expenses	​	​	816	​	​	918
Lease liability	​	​	1,442	​	​	90
Other differences	​	​	3,846	​	​	2,587
Total gross deferred tax assets	​	​	154,906	​	​	124,873
Less valuation allowance	​	​	(153,529)	​	​	(124,774)
Net deferred tax assets	​	​	1,377	​	​	99
Deferred tax liabilities	​	​	​	​	​	​
ROU asset	​	​	(1,377)	​	​	(99)
Net deferred taxes	​	$	—	​	$	—

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- References

No definition available.

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- 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

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- 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

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