Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2024 and 2023:

	Year Ended December 31,
	2024			2023
Income tax computed at federal statutory rate %		21.0	%		21.0	%
State taxes, net of federal benefit		5.2	%		2.1	%
Share based compensation		-2.4	%		-3.5	%
Change in valuation allowance		-26.3	%		-19.3	%
Change in state apportionment		1.9	%		0.0	%
Provision to tax return differences		1.5	%		-3.0	%
Research and development credit carryovers		2.1	%		3.0	%
Permanent differences		-0.4	%		-0.3	%
Effective income tax rate %		2.6	%		0.0	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2024			2023
Deferred tax assets:
Net operating losses	$	78,213		$	67,569
Tax credit carryforwards		11,816			10,689
Derivative		1,248			1,319
Stock-based compensation		3,452			3,204
Reserves and accruals		1,181			1,156
Capitalized research expenditures		31,593			23,423
License fees		13,044			13,555
Operating lease liability		3,844			3,996
Deferred revenue		—			2,027
Other		208			183
Total gross deferred tax assets before valuation allowance		144,599			127,121
Less: valuation allowance		(140,461	)		(119,504	)
Total deferred tax assets	$	4,138		$	7,617
Deferred tax liabilities:
Operating lease ROU assets		(3,508	)		(3,459	)
Intangibles		(630	)		(6,322	)
Total deferred tax liabilities		(4,138	)		(9,781	)
Net deferred tax liabilities	$	—		$	(2,164	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Gross unrecognized tax benefit at January 1	$	2,003	$	—
Additions for positions taken during a prior period		—		2,003
Gross unrecognized tax benefit at December 31	$	2,003	$	2,003