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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of components of income tax benefit | The components of the income tax benefit are as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
Federal tax at statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal deduction |  |  | 3.2 | % |  |  | 3.6 | %
R&D credits |  |  | 0.1 | % |  |  | 0.2 | %
Other |  |  | (2.3 | )% |  |  | (0.1 | )%
Change in valuation allowance |  |  | (22.0 | )% |  |  | (24.7 | )%
Income tax benefit |  |  | 0.0 | % |  |  | 0.0 | %
Components of net deferred taxes asset and liabilities | Significant components of deferred income taxes are as follows (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 53,984 |  |  | $ | 9,027 |
R&D tax credit |  |  | 837 |  |  |  | 837 |
Deferred R&D expenses |  |  | 32,729 |  |  |  | 11,123 |
Accrued expenses |  |  | 1,903 |  |  |  | 783 |
Share-based compensation |  |  | 978 |  |  |  | 104 |
Other |  |  | 424 |  |  |  | 337 |
Total deferred tax assets |  |  | 90,855 |  |  |  | 22,211 |
Valuation allowance |  |  | (90,855 | ) |  |  | (22,211 | )
Deferred tax assets, net of valuation allowance |  |  | — |  |  |  | — |

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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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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