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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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