Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The components of the income tax expense for the years ended December 31, 2024 and 2023 (in thousands) were:

	Year Ended December 31,
	2024		2023
Current:
Federal	$	891	$	14,962
State	(32)		3,779
Foreign	—		—
Total current tax provision	859		18,741
Deferred:
Federal	—		—
State	—		—
Foreign	—		—
Total deferred tax provision	—		—
Total income tax provision	$	859	$	18,741

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	21.0%		21.0%
State income taxes, net of federal benefit	3%		5%
Other Permanent differences	3%		—	%
Federal and state research and development tax credits	(8)	%	(50)	%
Non-deductible stock compensation and non-taxable items	3	%	11	%
Change in deferred tax asset valuation allowance	(23)	%	170	%
Federal and State 453A interest	2%		—	%
Change in state tax rates	—%		(2)	%
Effective income tax rate	1.3%		155.5%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	1,264	$	3,617
Research and development tax credit carryforwards	4,528		2,706
Intangible assets	3,035		2,326
Capitalized research and development expenses	51,433		32,803
Deferred revenue	5,399		36,726
Lease liability	16,487		22,581
Stock compensation	2,420		1,709
Other Assets	94		—
Total deferred tax assets	84,660		102,468
Deferred tax liabilities:
Property and equipment	(1,093)		(2,044)
Right-of-use asset	(19,439)		(22,237)
Prepaid expenses	(336)		(281)
Other liabilities	(854)		—
Total deferred liabilities	(21,722)		(24,562)
Valuation allowance	(62,938)		(77,906)
Net deferred tax assets	$	—	$	—