XML 126 R23.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
INCOME TAXES |
SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS | Significant components of the Company’s net deferred tax assets are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2024 |  | 2023
Deferred income tax assets: |  | ​ |  |  | ​ |
NOL carryforwards | ​ | $ | 23,931 | ​ | $ | 16,199
Research credit carryforwards | ​ |  | 7,870 | ​ |  | 5,153
Capitalized R&D | ​ |  | 26,132 | ​ |  | 19,404
Stock based compensation | ​ | ​ | 1,044 | ​ | ​ | 1,929
Other | ​ |  | 1,265 | ​ |  | 1,117
Gross deferred tax assets | ​ |  | 60,242 | ​ |  | 43,802
Less: valuation allowance | ​ |  | (60,199) | ​ |  | (43,596)
Total deferred tax assets | ​ |  | 43 | ​ |  | 206
Deferred income tax liabilities: | ​ |  |  | ​ |  |
Other | ​ |  | (43) | ​ |  | (206)
Total deferred tax liabilities | ​ |  | (43) | ​ |  | (206)
Net deferred tax assets (liabilities) | ​ | $ | — | ​ | $ | —
SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE | A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2024 |  | 2023
U.S. Federal statutory income tax rate | ​ | $ | (14,604) | ​ | $ | (15,831)
State taxes | ​ |  | (2,809) | ​ |  | (3,389)
Permanent and other differences | ​ |  | 248 | ​ |  | 416
Stock-based compensation | ​ |  | 2,704 | ​ |  | 1,049
Research and development credits | ​ |  | (2,054) | ​ |  | (2,676)
Change in valuation allowance | ​ |  | 16,570 | ​ |  | 20,487
Total tax provision | ​ | $ | 55 | ​ | $ | 56
​
SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2024 |  | 2023
Beginning balance of unrecognized tax benefits | ​ | $ | 2,214 | ​ | $ | 993
Additions based on tax positions related to the current year | ​ | ​ | 950 | ​ | ​ | 1,127
Additions based on tax positions related to the prior year | ​ |  | — | ​ |  | 94
Ending balance of unrecognized tax benefits | ​ | $ | 3,164 | ​ | $ | 2,214

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration