Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income taxes

Schedule of components of income expense (benefit)

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Current
Federal	$	443	$	1,248	$	—
State		222		160		16
Total current		665		1,408		16
Deferred
Federal		—		—		—
State		—		—		—
Total deferred		—		—		—
Total tax provision	$	665	$	1,408	$	16

Schedule of reconciliation of the expected income tax (benefit) computed using the federal statutory income tax rate to the effective income tax rate

	Year ended December 31,
	2024			2023			2022
Income tax computed at federal statutory tax rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		9.3	%		5.4	%		5.2	%
General business credits		8.3	%		(0.4)	%		(3.5)	%
Provision to return		0.1	%		0.9	%		3.2	%
Non-deductible expenses		(1.1)	%		0.5	%		(4.6)	%
Other		(3.4)	%		(0.4)	%		—	%
Change in valuation allowance		(35.0)	%		(26.0)	%		(21.3)	%
Total		(0.8)	%		1.00	%		—	%

Schedule of principal components of the Company's deferred tax assets and liabilities

	As of December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforward	$	4,244	$	13,724
Tax credit carryforwards		34,424		28,427
Lease liability		11,946		5,544
Deferred revenue		7,867		1,675
Stock-based compensation		5,328		5,157
Non-deductible accruals and reserves		2,435		2,613
Capitalized research expenses		50,974		31,347
Intangibles		499		554
Total deferred tax assets		117,717		89,041
Less valuation allowance		(105,854)		(82,612)
Net deferred tax assets		11,863		6,429
Deferred tax liabilities
Right of use assets		(9,111)		(3,691)
Depreciation and amortization		(2,752)		(2,738)
Net deferred taxes	$	—	$	—