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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Loss Before Income Taxes | For financial reporting purposes, loss before provision for income taxes, includes the following components (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Domestic |  | $ | (138,193 | ) |  | $ | (134,233 | )
Foreign |  |  | (7 | ) |  |  | (4 | )
Loss before income taxes |  | $ | (138,200 | ) |  | $ | (134,237 | )
Reconciliation of Income Tax Computed at Federal Statutory Rates to Provision for Income Taxes | Reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Tax provision at U.S. statutory rate |  | $ | (29,022 | ) |  | $ | (28,190 | )
Stock-based compensation |  |  | 1,548 |  |  |  | 1,343 |
Research and development tax credits |  |  | (9,526 | ) |  |  | (3,883 | )
Change in valuation allowance |  |  | 35,184 |  |  |  | 29,066 |
Section 162(m) compensation |  |  | 1,773 |  |  |  | 1,594 |
Other |  |  | 43 |  |  |  | 70 |
Provision for income taxes |  | $ | — |  |  | $ | — |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 94,198 |  |  | $ | 70,996 |
Research and development credits |  |  | 29,095 |  |  |  | 16,070 |
Other intangibles |  |  | 5 |  |  |  | 3 |
Accruals and reserves |  |  | 1,116 |  |  |  | 1,074 |
Stock-based compensation |  |  | 5,599 |  |  |  | 5,185 |
Capitalized research and development |  |  | 49,837 |  |  |  | 36,568 |
Lease liabilities |  |  | 6,087 |  |  |  | 6,610 |
Total gross deferred tax assets |  |  | 185,937 |  |  |  | 136,506 |
Less: valuation allowance |  |  | (180,958 | ) |  |  | (130,939 | )
Total deferred tax assets, net |  | $ | 4,979 |  |  | $ | 5,567 |
Deferred Tax Liabilities: |  |  |  |  |  |
Fixed assets |  | $ | (1,469 | ) |  | $ | (1,771 | )
Right-of-use assets |  |  | (3,510 | ) |  |  | (3,796 | )
Total gross deferred tax liabilities |  |  | (4,979 | ) |  |  | (5,567 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Unrecognized Tax Benefits | The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 3,970 |  |  | $ | 2,726 |
Additions based on tax positions related to prior year |  |  | 3,388 |  |  |  | 189 |
Reductions based on tax positions related to prior year |  |  | (1,726 | ) |  |  | — |
Additions based on tax positions related to current year |  |  | 2,787 |  |  |  | 1,055 |
Ending balance |  | $ | 8,419 |  |  | $ | 3,970 |

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