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Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income taxes  
Schedule of reconciliation of the federal income tax rate

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Year Ended December 31,

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2024

    

​

2023

 

Federal tax benefit at statutory rate

​

​

21.0

%  

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21.0

%

State tax, net of federal benefit

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​

0.5

​

​

(1.3)

​

Research and development credits

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​

2.1

 

​

0.7

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Share-based compensation

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​

(0.7)

 

​

(0.9)

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Write-off of IPR&D

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​

—

​

​

(15.9)

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Change in valuation allowance

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​

(22.8)

 

​

(3.6)

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Other

​

​

(0.1)

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​

—

​

​

​

​

—

%  

​

—

%

Schedule of Components of the Company's deferred taxes

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

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December 31, 

​

    

2024

    

2023

Deferred tax assets:

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​

  

 

​

  

Net operating loss carryforwards

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$

29,346

 

$

22,784

Research and development intangibles

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​

62,188

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​

10,135

Research and development credits

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​

10,021

 

​

3,782

Share-based compensation

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​

2,385

 

​

2,533

Deferred revenue

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​

1,474

​

​

—

Accruals and reserves

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​

1,236

 

​

546

Lease liability

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​

1,026

​

​

350

Other

​

​

77

 

​

75

Gross deferred tax assets

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​

107,753

 

​

40,205

Less: valuation allowance

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​

(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

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​

(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):

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​

​

​

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​

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December 31, 

​

    

2024

    

2023

Beginning balance

​

$

37

 

$

37

Additions for tax positions taken in prior years

​

​

19

​

​

—

Ending balance

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$

56

​

$

37