Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income taxes

Schedule of reconciliation of the federal income tax rate

	Year Ended December 31,
		2024		2023
Federal tax benefit at statutory rate		21.0	%	21.0	%
State tax, net of federal benefit		0.5		(1.3)
Research and development credits		2.1		0.7
Share-based compensation		(0.7)		(0.9)
Write-off of IPR&D		—		(15.9)
Change in valuation allowance		(22.8)		(3.6)
Other		(0.1)		—
		—	%	—	%

Schedule of Components of the Company's deferred taxes

The components of the Company’s deferred taxes are as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	29,346	$	22,784
Research and development intangibles		62,188		10,135
Research and development credits		10,021		3,782
Share-based compensation		2,385		2,533
Deferred revenue		1,474		—
Accruals and reserves		1,236		546
Lease liability		1,026		350
Other		77		75
Gross deferred tax assets		107,753		40,205
Less: valuation allowance		(106,720)		(39,827)
Net deferred tax asset		1,033		378
Deferred tax liability
Depreciation		(125)		(46)
Right-of-use asset		(908)		(332)
Total deferred tax liabilities		(1,033)		(378)
Net deferred taxes	$	—	$	—

Schedule of unrecognized tax benefits

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

	December 31,
	2024		2023
Beginning balance	$	37	$	37
Additions for tax positions taken in prior years		19		—
Ending balance	$	56	$	37