Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Tax (Provision) Benefit to Effective Income Tax Provision

The reconciliation of the Federal statutory income tax (provision) benefit to the Company’s effective income tax provision is as follows (in thousands):

	Years Ended December 31,
	2024			2023
Federal statutory income tax	$	27,309		$	20,060
State income taxes, net of federal tax benefit		8,550			6,133
Foreign research and development tax credit		2,210			1,411
Permanent differences in non-tax-deductible executive compensation		(3,348	)		(2,842	)
Permanent differences in foreign jurisdiction		(1,650	)		(1,013	)
Permanent differences others		(469	)		323
Other deferred items		351			750
Rate changes		(90	)		(63	)
Valuation allowance		(32,865	)		(24,761	)
Net expense for income taxes	$	(2	)	$	(2	)

Schedule of Deferred Income Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities at December 31, 2024 and 2023 comprised the following (in thousands):

	As of December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	60,600		$	44,705
Capitalized research and development		35,639			20,562
Equity compensation		6,963			5,105
Lease Liability		405			682
Other		1,482			1,452
Total deferred tax assets	$	105,089		$	72,506
Deferred tax liabilities:
Fixed assets	$	(215	)	$	(281	)
Right-of-use assets		(372	)	$	(646	)
Total deferred tax liabilities		(587	)		(927	)
Valuation allowance		(104,502	)		(71,579	)
Net deferred tax assets	$	—		$	—

Schedule of Valuation Allowance

The Company’s valuation allowance increased during the years ended December 31, 2024 and 2023 due primarily to the generation of net operating losses, as follows (in thousands):

	Years Ended December 31,
	2024		2023
Valuation allowance at beginning of year	$	71,579	$	47,427
Increase recorded to provision for income taxes		32,923		24,152
Valuation allowance at end of year	$	104,502	$	71,579