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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate | A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Taxes at U.S. statutory rate |  | 21.0 | % |  |  | 21.0 | %
Changes from statutory rate: |  |  |  |  |
State taxes, net of federal benefit |  | 7.5 | % |  |  | 8.5 | %
Tax credits |  | 5.0 | % |  |  | 5.4 | %
Share-based compensation |  | (0.9 | )% |  |  | (0.7 | )%
Change in valuation allowance |  | (30.9 | )% |  |  | (34.1 | )%
Other |  |  | (1.7 | )% |  |  | (0.1 | )%
Effective income tax rate |  | 0.0 | % |  |  | 0.0 | %
Summary of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |
Net operating loss carryforwards | $ | 31,332 |  |  | $ | 23,201 |
Tax credits |  | 25,427 |  |  |  | 16,939 |
Deferred revenue |  | 3,536 |  |  |  | 4,305 |
Depreciation and amortization |  | 1,216 |  |  |  | 1,159 |
Amortization |  | 432 |  |  |  | 479 |
Stock-based compensation |  | 1,681 |  |  |  | 1,126 |
Leasehold liability |  | 17,842 |  |  |  | 17,044 |
Capitalized R&D costs |  |  | 48,315 |  |  |  | 31,515 |
Other |  | 9,391 |  |  |  | 3,824 |
Total deferred tax assets |  | 139,172 |  |  |  | 99,592 |
Deferred tax liabilities: |  |  |  |  |
Right of use Asset |  | (17,582 | ) |  |  | (17,346 | )
Valuation allowance |  | (121,590 | ) |  |  | (82,246 | )
Net deferred tax assets and liabilities | $ | - |  |  | $ | - |

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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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