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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

ScheduleOfComponentsOfIncomeTaxExpenseBenefit

Income tax expense consists of the following (in thousands):

		Year Ended December 31,
		2024				2023
Current expense (benefit):
Federal		$	—			$	—
State			—				—
Total current expense (benefit):		$	—			$	—
Deferred expense (benefit):
Federal		$	13,004			$	11,207
State			3,181				3,361
Foreign			741				—
Deferred tax benefit			16,926				14,568
Less change in valuation allowance			(16,926	)			(14,568	)
Total income tax expense (benefit)		$	—			$	—

ScheduleOfEffectiveIncomeTaxRateReconciliation

The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:

		Year Ended December 31,
		2024				2023
Federal statutory income tax rate			21.0	%			21.0	%
State income taxes			5.5	%			7.8	%
Foreign rate differential			0.1	%			0.1	%
Permanent differences			0.4	%			1.1	%
Equity-based compensation			1.3	%			(0.4	)%
Preferred stock liability fair value adjustment			(1.3	)%			—	%
Tax credits			2.2	%			4.4	%
Change in valuation allowance			(29.2	)%			(34.0	)%
Effective income tax rate			—	%			—	%

ScheduleOfDeferredTaxAssetsAndLiabilities

The components of the Company’s net deferred tax assets and liabilities as of December 31, 2024 and 2023, were as follows (in thousands):

		Year Ended December 31,
		2024				2023
Deferred tax assets
Net operating loss carryforward		$	109,392			$	11,392
Research credits			13,946				4,336
Lease liability			660				817
Capitalized research and development expenses			40,742				14,595
Accruals & other			863				1,027
Amortization			3,555				—
Stock-based compensation			2,112				—
Total deferred tax assets			171,270				32,167
Valuation allowance			(170,177	)			(30,228	)
Net deferred tax assets		$	1,093			$	1,939
Deferred tax liabilities
Depreciation		$	(485	)		$	(1,210	)
Right of use asset			(608	)			(729	)
Total deferred tax liabilities			(1,093	)			(1,939	)
Net deferred tax assets (liability)		$	—			$	—

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No definition available.

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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

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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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