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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are summarized as follows (in thousands):

		Year ended December 31,
		2024				2023
Current:
Federal		$	—			$	—
State			—				—
Foreign			346				—
Total current			346				—
Deferred:
Federal			—				—
State			—				—
Foreign			(248	)			—
Total deferred			(248	)			—
Provision for income taxes		$	98			$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the actual income tax expense is as follows (in thousands):

		Year Ended December 31,
		2024				2023
Federal tax benefit at statutory rate		$	(18,166	)		$	(18,118	)
State taxes, net of federal benefit			(2,492	)			(2,491	)
Change in valuation allowance			17,136				19,112
Stock-based compensation tax deduction over book expense			4,730				4,012
Permanent differences			33				79
Research and development credits			(2,123	)			(2,323	)
Executive compensation limitation			1,926				384
Other			(946	)			(655	)
Provision for income taxes		$	98			$	—

Schedule of Deferred Tax Assets and Liabilities

The categories that give rise to significant components of the deferred tax assets as of December 31, 2024 and 2023, are as follows (in thousands):

		December 31,
		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	50,602			$	41,212
Accruals and reserves			1,259				1,296
Research and development credits			8,538				6,415
Stock-based compensation			11,408				11,348
Lease liabilities			6,664				7,212
Capitalized research and experimentation			17,879				13,502
Fixed assets			269				—
Other			641				—
Gross deferred tax assets			97,260				80,985
Valuation allowance			(91,163	)			(74,026	)
Deferred tax liabilities:
Fixed assets			—				(411	)
Right-of-use assets			(5,849	)			(6,426	)
Other			—				(122	)
Gross deferred tax liabilities			(5,849	)			(6,959	)
Total net deferred tax assets:		$	248			$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The beginning and ending unrecognized tax benefits amounts are as follows (in thousands):

		December 31,
		2024				2023
Beginning balance		$	2,364			$	1,586
Change related to prior year positions			—				26
Change related to current year positions			772				752
Ending balance		$	3,136			$	2,364

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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.

+ References

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-Topic 740
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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 the change in unrecognized tax benefits.

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