Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of loss before income taxes by jurisdiction

	Year Ended December 31,
(In thousands)	2024		2023
U.S. operations	$	(132,065)	$	(88,848)
Foreign operations		—		—
Loss before income taxes	$	(132,065)	$	(88,848)

Reconciliation of statutory to effective rate

	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	(21.0)	%	(21.0)	%
State taxes, net of federal benefit	(2.1)		(1.7)
Impact of state rate changes	(1.1)		17.7
Research and development tax credits	(1.1)		(5.9)
Excess equity compensation tax benefit, net of officer limitation	0.8		0.6
Revaluation of contingent consideration	0.4		(6.3)
Non-deductible royalty payments	1.8		4.3
Change in deferred tax asset valuation allowance	22.1		11.7
Other	0.2		0.2
Effective income tax rate	(0.0)	%	(0.4)	%

Schedule of deferred tax assets and liabilities

		December 31,
(In thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	120,361	$	119,155
Capitalized start-up costs		3,469		3,812
Research and development tax credit carryforwards		21,954		20,505
Section 174 research and development capitalization		31,185		30,984
Capitalized research and development expense		2,145		2,359
Stock‑based compensation expense		19,101		18,055
Accrued compensation		791		1,219
Lease liabilities		588		774
Deferred income		5,510		—
IPR&D		20,004		—
Other		408		407
Total deferred tax assets		225,516		197,270
Deferred tax liabilities:
Property and equipment		(56)		(187)
Right-to-use assets		(642)		(853)
Other		(458)		(1,106)
Total deferred tax liabilities		(1,156)		(2,146)
Valuation allowance		(224,360)		(195,124)
Deferred tax liabilities, net	$	—	$	—

Changes in deferred tax asset valuation allowance

		Year Ended December 31,
(In thousands)		2024		2023
Valuation allowance at beginning of year	$	(195,124)	$	(184,688)
Decreases recorded as benefit to income tax provision		—		—
Increases recorded to income tax provision		(29,236)		(10,436)
Valuation allowance as of end of year	$	(224,360)	$	(195,124)