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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Loss Before Income Taxes | Loss before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Losses before income taxes: |  |  |  |  |  |
U.S. |  | $ | (35,951 | ) |  | $ | (116,736 | )
Non-U.S. |  |  | 198 |  |  |  | 199 |
Total |  | $ | (35,753 | ) |  | $ | (116,537 | )
Summary of Provision for Income Taxes | The provision for income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
Total current income tax provision |  |  | — |  |  |  | — |
Deferred: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | 431 |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
Total deferred income tax provision |  |  | 431 |  |  |  | — |
Total provision for income taxes |  | $ | 431 |  |  | $ | — |
Reconciliation of U.S. Federal Statutory Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Statutory federal income tax rate |  | $ | (7,508 | ) |  | $ | (24,473 | )
State income taxes, net of federal tax benefits |  |  | (908 | ) |  |  | (3,170 | )
Tax credits |  |  | (2,358 | ) |  |  | (972 | )
Stock-based compensation |  |  | 2,819 |  |  |  | 728 |
Permanent items |  |  | 12 |  |  |  | 9 |
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | (7,273 | ) |  |  | 18,078 |
State rate differential |  |  | 490 |  |  |  | 32 |
NOL true-up |  |  | (4 | ) |  |  | 2 |
Other |  |  | 24 |  |  |  | 566 |
Change in valuation allowance |  |  | 15,137 |  |  |  | 9,200 |
Total provision for income taxes |  | $ | 431 |  |  | $ | — |
Schedule of Significant Components Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Net operating loss carryforwards |  | $ | 22,740 |  |  | $ | 18,089 |
Research and development tax credits |  |  | 5,560 |  |  |  | 3,202 |
Accruals and reserves |  |  | 366 |  |  |  | 475 |
Research expenditures |  |  | 18,809 |  |  |  | 10,567 |
Stock-based compensation |  |  | 3,281 |  |  |  | 3,085 |
Depreciation and amortization |  |  | 1,056 |  |  |  | 1,319 |
Lease liability |  |  | 225 |  |  |  | 91 |
Total deferred tax assets |  |  | 52,037 |  |  |  | 36,828 |
Right-of-use asset |  |  | (218 | ) |  |  | (87 | )
Acquired IPR&D |  |  | (7,623 | ) |  |  | (7,682 | )
Total deferred tax liabilities |  |  | (7,841 | ) |  |  | (7,769 | )
Less: valuation allowance |  |  | (46,379 | ) |  |  | (30,811 | )
Net deferred tax liabilities |  | $ | (2,183 | ) |  | $ | (1,752 | )
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Gross unrecognized tax benefits at the beginning of the year |  | $ | 3,636 |  |  | $ | 2,664 |
Additions from tax positions taken in the current year |  |  | 2,596 |  |  |  | 972 |
Additions from tax positions taken in prior years |  |  | — |  |  |  | — |
Gross unrecognized tax benefits at the end of the year |  | $ | 6,232 |  |  | $ | 3,636 |

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