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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate | The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Expected income tax benefit at the federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of federal benefit |  |  | 7.7 |  |  |  | 7.6 |
Research and development credit, net |  |  | 5.3 |  |  |  | 6.4 |
Non-deductible items and other |  |  | (1.1 | ) |  |  | (0.5 | )
Change in state and local tax rate |  |  | — |  |  |  | (0.7 | )
Change in valuation allowance |  |  | (32.9 | ) |  |  | (33.8 | )
Total |  |  | 0.0 | % |  |  | 0.0 | %
Summary of Principal Components of Company's Deferred Tax Assets | The principal components of the Company’s deferred tax assets and liabilities consisted of the following:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Federal, state and local net operating loss carryforwards |  | $ | 44,369 |  |  | $ | 34,534 |
Capitalized research and development costs |  |  | 36,646 |  |  |  | 19,830 |
Research and development tax credits |  |  | 16,296 |  |  |  | 10,192 |
Stock-based compensation deductions |  |  | 9,919 |  |  |  | 6,066 |
License fee deductions |  |  | 221 |  |  |  | 240 |
Operating lease liabilities |  |  | 4,607 |  |  |  | 1,482 |
Accrued expenses |  |  | 2,603 |  |  |  | 1,665 |
Gross deferred tax assets |  |  | 114,661 |  |  |  | 74,009 |
Less: valuation allowance |  |  | (110,723 | ) |  |  | (72,560 | )
Total deferred tax assets |  |  | 3,938 |  |  |  | 1,449 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease right-of-use assets |  |  | (3,938 | ) |  |  | (1,449 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |

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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 + Details
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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 + Details
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