Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

	Year Ended December 31,
	2024			2023
Taxes at U.S. statutory rate		21.0	%		21.0	%
Changes from statutory rate:
State taxes, net of federal benefit		7.5	%		8.5	%
Tax credits		5.0	%		5.4	%
Share-based compensation		(0.9	)%		(0.7	)%
Change in valuation allowance		(30.9	)%		(34.1	)%
Other		(1.7	)%		(0.1	)%
Effective income tax rate		0.0	%		0.0	%

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

	Year Ended December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	31,332		$	23,201
Tax credits		25,427			16,939
Deferred revenue		3,536			4,305
Depreciation and amortization		1,216			1,159
Amortization		432			479
Stock-based compensation		1,681			1,126
Leasehold liability		17,842			17,044
Capitalized R&D costs		48,315			31,515
Other		9,391			3,824
Total deferred tax assets		139,172			99,592
Deferred tax liabilities:
Right of use Asset		(17,582	)		(17,346	)
Valuation allowance		(121,590	)		(82,246	)
Net deferred tax assets and liabilities	$	-		$	-