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Income Taxes (Tables)

12 Months Ended

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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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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Tabular disclosure of the change in unrecognized tax benefits.

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