Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income tax (benefit) expense consists of the following (in thousands):


	Years Ended December 31,
	2024		2023
Current tax provision:
Current federal provision	$	—	$	—
Current state provision	131		76
Current foreign provision	—		1,204
Total current provision	131		1,280
Deferred tax provision:
Deferred federal provision	—		—
Deferred state provision	—		—
Deferred foreign provision	—		—
Total tax provision	$	131	$	1,280

Schedule of effective income tax rate reconciliation

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


	Years Ended December 31,
	2024		2023
Income tax benefit computed at federal statutory tax rate	21.0	%	21.0	%
State tax—net of federal	6.4	%	4.2	%
Federal credits	3.0	%	3.5	%
State credits	1.3	%	1.4	%
Other permanent differences	(1.0)	%	(0.2)	%
Withholding tax	—	%	(0.9)	%
Stock-based compensation	(4.2)	%	(2.8)	%


Valuation allowance	(26.6)	%	(27.2)	%
Total	(0.1)	%	(1.0)	%

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax credit carryforwards. Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	62,429	$	61,036
Capitalized research and experimental expenditures	68,370		51,401
Operating lease liability	19,083		20,611
R&D and investment tax credits	23,646		18,049
Stock-based compensation	11,003		9,061
Deferred revenue	6,671		3,881
Foreign tax credit	—		1,204
Capitalized start-up costs	392		555

Other	25		27
Total gross deferred tax assets	191,619		165,825
Deferred tax liabilities:
Right-of-use asset	(16,697)		(18,573)
Fixed assets	(1,382)		(1,663)

Less: valuation allowance	(173,540)		(145,589)
Net deferred taxes	$	—	$	—