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Income Taxes (Tables)

12 Months Ended

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

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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.

+ 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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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

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-Topic 740
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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