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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of effective income tax amount reconciliation | The differences between the effective income tax rate and the U.S. federal statutory income tax rate for the years ended December 31, 2024 and 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
Amount at statutory tax rates | ​ | $ | (61,789) | ​ | $ | (32,548)
Permanent differences | ​ |  | 3,000 | ​ |  | 7
Valuation allowance | ​ |  | 64,923 | ​ |  | 34,961
Stock-based compensation | ​ |  | 3,356 | ​ |  | 892
Federal research and development credit | ​ |  | (9,520) | ​ |  | (3,322)
Other | ​ |  | 30 | ​ |  | 10
Total | ​ | $ | — | ​ | $ | —
Schedule of significant components of the deferred tax asset balances | Significant components of the deferred tax asset balances as of December 31, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating losses | ​ | $ | 21,573 | ​ | $ | 10,519
Tax credits | ​ |  | 17,407 | ​ |  | 6,243
Research and development capitalization | ​ |  | 74,211 | ​ |  | 39,059
Accruals and reserves | ​ |  | 115 | ​ |  | 15
Stock-based compensation | ​ |  | 3,088 | ​ |  | 1,361
Operating lease liabilities | ​ |  | 6,452 | ​ |  | 6,842
Other capitalized expenses | ​ |  | 11,832 | ​ |  | 4,567
Gross deferred tax assets | ​ |  | 134,678 | ​ |  | 68,606
Valuation allowance | ​ |  | (127,990) | ​ |  | (61,404)
Deferred tax assets, net of valuation allowance | ​ | $ | 6,688 | ​ | $ | 7,202
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Fixed assets | ​ |  | (885) | ​ |  | (1,025)
Operating lease right-of-use assets | ​ |  | (5,803) | ​ |  | (6,177)
Deferred tax liabilities | ​ |  | (6,688) | ​ |  | (7,202)
Total net deferred tax assets | ​ | $ | — | ​ | $ | —
Schedule of company's federal and state net operating loss carryforwards | The following table sets forth the Company’s U.S. federal and state net operating loss carryforwards and tax credits as of December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Begin to Expire
Net operating losses, U.S. federal | ​ | $ | 84,664 |  | Do not expire
Net operating losses, U.S. federal | ​ | $ | 16,520 |  | 2037
Net operating losses, U.S. states | ​ | $ | 4,683 |  | 2041
Tax credits, U.S. federal | ​ | $ | 16,026 |  | 2039
Tax credits, U.S. states | ​ | $ | 5,289 |  | 2037
Schedule of company's federal and state tax credits | The following table sets forth the Company’s U.S. federal and state net operating loss carryforwards and tax credits as of December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Begin to Expire
Net operating losses, U.S. federal | ​ | $ | 84,664 |  | Do not expire
Net operating losses, U.S. federal | ​ | $ | 16,520 |  | 2037
Net operating losses, U.S. states | ​ | $ | 4,683 |  | 2041
Tax credits, U.S. federal | ​ | $ | 16,026 |  | 2039
Tax credits, U.S. states | ​ | $ | 5,289 |  | 2037
Schedule of reconciliation pf unrecognized tax benefits | A reconciliation of the beginning and ending balances of the unrecognized tax benefits for the years ended December 31, 2024 and 2023, is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
Beginning balance | ​ | $ | 4,116 | ​ | $ | 2,451
Increases in tax positions in the current period | ​ |  | 1,336 | ​ |  | 3,572
Decreases related to prior year’s tax position | ​ |  | (2,655) | ​ |  | (1,907)
Ending balance | ​ | $ | 2,797 | ​ | $ | 4,116

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