Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income before Income Tax, Domestic and Foreign

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

	Year Ended December 31,
	2025		2024
United States	$	(90,351)	$	(75,144)
Loss before provision for income taxes	$	(90,351)	$	(75,144)

Effective Income Tax Rate Reconciliation

The reconciliation of the Company’s statutory tax rate and effective income tax rate is as follows (in thousands):

	Year Ended December 31,
	2025				2024
	Amount		Percent		Amount		Percent
US Federal Statutory Tax Rate	$	(18,974)	21.0	%	$	(15,781)	21.0	%
Tax Credits:
Research and development credit	(7,288)		8.1	%	(3,765)		5.0	%
Change in valuation allowance	24,008		(26.6)	%	15,206		(20.2)	%
Nontaxable or Nondeductible Items:
Equity Compensation	704		(0.8)	%	3,242		(4.3)	%
Other	92		(0.1)	%	345		(0.5)	%
Changes in Unrecognized Tax Benefits	1,458		(1.6)	%	753		(1.0)	%
Effective income tax rate	$	—	—%		$	—	—%

Deferred Tax Assets and Liabilities

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

	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	80,368	$	69,308
Research and development credits	18,861		12,840
Accruals & reserves	1,071		901
Stock compensation	3,269		1,198
Amortization	716		768
Lease liability	2,132		2,648
Capitalized research and development expenses	33,861		28,023
Depreciation	70		—
Total deferred tax assets	140,348		115,686
Valuation allowance	(139,776)		(114,972)
Net deferred tax assets	572		714
Deferred tax liabilities:
Depreciation	—		(71)
Right of use asset	(572)		(643)
Total deferred tax liabilities	(572)		(714)
Net deferred taxes	$	—	$	—

Valuation Allowance

The Company’s valuation allowance for the years ended December 31, 2025 and 2024 is as follows (in thousands):

	Year Ended December 31,
	2025		2024
Valuation allowance beginning of year	$	114,972	$	98,926
Increases recorded to income tax provision	24,804		16,046
Valuation allowance at end of year	$	139,776	$	114,972

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,
	2025		2024
Beginning balance	$	3,364	$	2,611
Additions based on tax positions related to current year	1,138		654
Additions for tax positions of prior years	320		99
Ending Balance	$	4,822	$	3,364