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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Effective Income Tax Rate

The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes for the years ended December 31, 2024 and 2023 as follows:

		December 31,
		2024				2023
Tax effected at statutory rate			21.0	%			21.0	%
State taxes			7.2	%			6.0	%
Stock-based compensation			(1.0	%)			(1.3	%)
Executive compensation			(2.2	%)			(1.7	%)
Federal research and development credits			6.0	%			4.4	%
Change in valuation allowance			(31.1	%)			(28.5	%)
Total			(0.1	%)			(0.1	%)

Summary of Total Deferred Tax Assets

The Company's total deferred tax assets consisted of the following as of December 31, 2024 and 2023 (in thousands):

		December 31,
		2024				2023
Deferred Tax Assets
Net operating loss carryforward		$	15,668			$	9,395
R&D credit carryovers			9,991				3,985
Section 174 R&D amortization			25,763				13,819
Operating lease liabilities			904				1,134
Accrued expenses and other current liabilities			1,411				919
Capitalized licenses			3,259				3,482
Other			926				554
			57,922				33,288
Valuation allowance			(56,650	)			(31,761	)
Deferred tax asset			1,272				1,527
Deferred Tax Liabilities
Property and equipment			(408	)			(457	)
Operating lease right-of-use assets			(864	)			(1,070	)
Deferred tax liability			(1,272	)			(1,527	)
Net deferred tax asset		$	—			$	—

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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

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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

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