Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Components of Income Taxes (Benefit)

The Company’s pre-tax loss of $71,265 is domestic. The Company’s benefit from income taxes is as follows:

	December 31,
	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State		(398)		—		—
		(398)		—		—
Deferred:
Federal		—		—		—
State		—		—		—
		—		—		—
Benefit from income taxes	$	(398)	$	—	$	—

Schedule of Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to that Reflected in Operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

	December 31,
	2024		2023		2022
Income taxes using U.S. federal statutory rate	21.00	%	21.00	%	21.00	%
State income taxes, net of federal benefit	(5.05)	%	5.30	%	(1.00)	%
Impact of R&D tax credit on effective tax rate	2.59	%	3.68	%	4.91	%
Impact of foreign tax credit on effective tax rate	(0.29)	%	—	%	—	%
Stock option shortfalls and cancellations	(4.88)	%	(1.22)	%	(3.33)	%
Permanent items and other	(0.65)	%	(0.89)	%	(1.86)	%
Change in valuation allowance	(11.11)	%	(27.34)	%	(19.88)	%
Provision to return	(1.05)	%	(0.53)	%	0.16	%
	0.56	%	0.00	%	0.00	%

Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2024		2023
Valuation allowance	$	(200,656)	$	(192,791)
Net operating loss carryforwards		122,727		123,739
Federal and state tax credits		32,016		31,245
Stock-based compensation expense		1,619		3,855
Intangible asset amortization		34,823		33,162
Sales of future royalties and milestones		8,952		—
Other		519		2,101
Deferred tax assets		200,656		194,102
Other		—		(1,311)
Deferred tax liabilities:		—		(1,311)
Net deferred tax asset:	$	—	$	—