Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):

	Year ended			Year Ended
	December 31,			December 31,
	2024			2023
U.S. operations	$	(130,880	)	$	(70,812	)
Non-U.S. operations		100			100
Loss before income taxes	$	(130,780	)	$	(70,712	)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	December 31,				December 31,
	2024				2023
Federal statutory income tax rate		21.0		%		21.0		%
State income taxes, net of federal benefit		7.1				7.5
Research and development tax credits		1.2				1.3
Permanent items		0.9				(0.5	)
Changes in valuation allowance		(29.8	)			(30.4	)
Other, net		(0.5	)			1.0
Effective income tax rate		(0.1	)	%		(0.1	)	%

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	102,514	$	82,599
Capitalized R&D		45,965		23,652
Deferred revenue		7,824		16,196
Lease liability		6,340		1,635
Stock-based compensation		17,717		11,720
Tax credits		10,503		8,473
Other		298		3,515
Total deferred tax assets		191,161		147,790
Deferred tax liabilities:
Right-of-use assets		5,737		1,361
Total deferred tax liabilities		5,737		1,361
Deferred tax assets, net		185,424		146,429
Valuation allowance		185,424		146,429
Total deferred tax liability	$	—	$	—