v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Summary of reconciliation of federal statutory income tax rate to the Company's effective income tax rate | The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ ​ ​ | Amount | ​ ​ ​ | Percent | ​
Expected income tax benefit at the federal statutory rate | $ | (11,727) | ​ | 21.0 | %
State taxes, net of federal benefit |  | (3,649) | ​ | 6.5 | ​
Research and development credit, net |  | (1,393) | ​ | 2.5 | ​
Other |  | 175 | ​ | (0.3) | ​
Change in valuation allowance |  | 16,594 | ​ | (29.7) | ​
Total | $ | — | ​ | — | %
​ The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:
​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ | ​ ​ ​ | 2024 | ​ ​ ​
Expected income tax benefit at the federal statutory rate |  | 21.0 | %
State taxes, net of federal benefit |  | 6.6 |
Research and development credit, net |  | 4.0 |
Non-deductible items |  | (0.6) |
Other |  | (1.6) |
Change in valuation allowance |  | (29.4) |
Total |  | — | %
​ | ​ | ​ | ​
Summary of components of deferred tax assets | The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2025 and 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) | ​ ​ ​ |  | 2025 | ​ ​ ​ |  | 2024
Deferred tax assets: | ​ |  | ​ | ​ |  | ​
Federal and state net operating loss carryforwards |  | $ | 85,836 |  | $ | 63,647
Research and development tax credits | ​ | ​ | 17,829 | ​ | ​ | 16,436
Capitalized R&D Costs | ​ | ​ | 18,271 | ​ | ​ | 25,826
Operating lease liabilities | ​ | ​ | 1,419 | ​ | ​ | 1,642
Share-based compensation | ​ | ​ | 8,032 | ​ | ​ | 7,234
Accruals and other | ​ | ​ | 1,415 | ​ | ​ | 1,587
Gross deferred tax assets | ​ | ​ | 132,802 | ​ | ​ | 116,372
Less: valuation allowance | ​ | ​ | (131,903) | ​ | ​ | (115,309)
Total deferred tax assets |  | $ | 899 |  | $ | 1,063
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease assets | ​ | ​ | (899) | ​ | ​ | (1,063)
Gross deferred tax liabilities |  | $ | (899) |  | $ | (1,063)
Net deferred tax assets |  | $ | — |  | $ | —

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