Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2024		2023
United States	$	(75,144)	$	(36,317)
Loss before provision for income taxes	$	(75,144)	$	(36,317)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the Federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2024		2023
Federal statutory income tax	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.1	%	(0.8	%)
Other permanent items	(1.0)	%	(0.5)	%
Research and development credit	4.0	%	5.8	%
Bargain purchase gain	—	%	9.5	%
Equity Compensation	(3.8)	%	—	%
Valuation allowance	(21.3)	%	(35.0)	%
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets are as follows (in thousands):

	Year Ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	69,308	$	60,287
Research and development credits	12,840		9,765
Accruals & reserves	901		802
Stock compensation	1,198		2,952
Amortization	768		778
Lease liability	2,648		3,157
Capitalized research and development expenses	28,023		22,134
Total deferred tax assets	115,686		99,875
Valuation allowance	(114,972)		(98,926)
Net deferred tax assets	714		949
Deferred tax liabilities:
Depreciation	(71)		(152)
Right of use asset	(643)		(797)
Total deferred tax liabilities	(714)		(949)
Net deferred taxes	$	—	$	—

Summary of Valuation Allowance

The Company’s valuation allowance for the years ended December 31, 2024 and 2023 is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Valuation allowance beginning of year	$	98,926	$	38,168
Increases recorded to income tax provision	16,046		12,701
Increase recorded to equity	—		48,057
Valuation allowance at end of year	$	114,972	$	98,926

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Beginning balance	$	2,611	$	1,108
Additions based on tax positions related to current year	654		574
Additions for tax positions of prior years	99		929
Ending Balance	$	3,364	$	2,611