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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Company’s provision for income taxes for the years ended December 31, 2024 and 2023 consists of the following (in thousands):
| December 31,
| 2024 |  | 2023
Current: |  |  |
Federal | $ | — |  |  | $ | — |
United States | — |  |  | — |
Foreign | — |  |  | — |
Total Current | — |  |  | — |
Deferred |  |  |
Federal | (11,236) |  |  | 7,743 |
State | 1,192 |  |  | 3,116 |
Foreign | — |  |  | — |
Change in valuation allowance | 10,044 |  |  | (10,859) |
Total Deferred | — |  |  | — |
Total tax provision | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliations between the federal statutory income tax rate and the Company's effective income tax rate were as follows:
| Year Ended December 31,
| 2024 |  | 2023
Statutory federal income tax rate | 21.0 | % |  | 21.0 | %
State tax, net of federal benefits | (2.4) | % |  | 6.2 | %
Permanent differences | (3.5) | % |  | (0.3) | %
Federal research and development credits | 3.6 | % |  | 3.1 | %
State research and development credits | 0.6 | % |  | 0.8 | %
Other differences | 0.1 | % |  | 0.1 | %
Change in valuation allowance | (19.4) | % |  | (30.9) | %
Effective income tax rate | 0.0 | % |  | 0.0 | %
Schedule of Deferred Tax Assets and Liabilities | The principal components of the Company's net deferred tax asset at December 31, 2024 and 2023 were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets (liabilities): |  |  |
Net operating loss carryforwards | $ | 64,646 |  |  | $ | 60,696 |
Research and development tax credit carryovers | 15,117 |  |  | 12,940 |
Capitalized research and development | 17,585 |  |  | 13,686 |
Lease liability | 1,548 |  |  | 1,897 |
Other | 2,704 |  |  | 2,732 |
ROU asset | (1,470) |  |  | (1,800) |
Property and equipment | (13) |  |  | (33) |
Total deferred tax assets | 100,117 |  |  | 90,118 |
Less: Deferred tax asset valuation allowance | (100,117) |  |  | (90,118) |
Net deferred tax asset | $ | — |  |  | $ | — |

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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 + Details
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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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