Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of loss from operations before income taxes

For financial reporting purposes, loss from operations before income taxes includes the following components (in thousands):

	Years Ended December 31,
	2024			2023
Pretax loss:
United States	$	(47,716	)	$	(53,430	)
Foreign		4			5
Loss before provision for income taxes	$	(47,712	)	$	(53,425	)

Schedule of components of provision for income taxes

The components of the Company's provision for income taxes are as follows (in thousands):

	Years Ended December 31,
	2024		2023
Current:
Federal	$	—	$	316
State		20		1
Foreign		1		1
Total current		21		318
Total income tax provision	$	21	$	318

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income ta

Schedule of reconciliation of income tax expense (benefit) computed

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	Years Ended December 31,
	2024				2023
Federal income tax expense at statutory rate		21.0		%		21.0		%
State income taxes, net of federal benefit		9.1				5.9
Permanent differences		(0.8	)			(1.0	)
Stock-based compensation expense		1.3				(0.2	)
Gain/loss on convertible note conversion		7.1				—
Convertible note revaluation		0.7				(1.8	)
Research and development tax credits		3.8				3.1
Change in valuation allowance		(42.2	)			(27.6	)
Effective income tax rate		—		%		(0.6	)	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

	2024			2023
Deferred tax assets:
Federal net operating loss carryforwards	$	25,468		$	13,412
State net operating loss carryforwards		7,086			3,500
Contingent liability		14,801			14,876
Accruals and reserves		743			818
Capitalized intangible assets		3,591			2,828
Tax credit carryforwards		7,978			5,762
Capitalized R&D expenditures		46,552			13,546
Lease liability		1,682			1,835
Stock compensation and other		733			544
Total gross deferred tax assets before valuation allowance		108,634			57,121
Less: Valuation allowance		(106,876	)		(55,078	)
Net deferred tax assets		1,758			2,043
Deferred tax liabilities:
Fixed assets		(218	)		(339	)
Right of use asset		(1,540	)		(1,704	)
Net deferred tax assets	$	—		$	—