Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Reconciliation of Federal Income Tax Rate

	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Research and development tax credits	3.5		3.6		5.4
State taxes, net of federal benefit	1.8		2.0		2.6
Stock-based compensation	(1.9)		(2.3)		(2.1)
Derivative liability	—		—		2.7
Change in tax rate	—		(0.4)		1.4
Debt extinguishment	(1.9)		—		—
Other	(1.1)		(0.2)		(0.1)
Change in the valuation allowance	(21.4)		(23.7)		(30.9)
Effective income tax rate	—	%	—	%	—	%

Net Deferred Tax Assets

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	134,571	$	120,971
Tax credit carryforwards		29,311		22,597
Capitalized start-up costs		—		121
Capitalized research and development expenses, net - Sec. 59(e):		1,814		3,570
Capitalized research and development expenses, net Sec. 174		38,244		19,491
Operating lease liabilities		1,693		1,970
Derivative liability		3,082		6,981
Stock-based Awards		9,976		10,443
Accrued expenses and other		10,186		8,433
Total deferred tax assets		228,877		194,577
Valuation allowance		(225,248)		(183,737)
Net deferred tax assets		3,629		10,840
Deferred tax liabilities:
Operating lease right of use assets		(1,383)		(1,507)
Convertible Notes		—		(6,603)
Barings Credit Facility		(2,246)		(2,730)
Total deferred tax liabilities		(3,629)		(10,840)
Net deferred tax assets	$	—	$	—

Changes in Valuation Allowance for Deferred Tax Assets

	Year Ended December 31,
	2024		2023		2022
Valuation allowance as of beginning of year	$	183,737	$	164,546	$	142,637
Increases recorded to income tax provision		41,511		19,191		21,909
Valuation allowance as of end of year	$	225,248	$	183,737	$	164,546