Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation on Income Taxes Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss

A reconciliation on income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands):

	Year Ended December 31,
	2024			2023
Income tax benefit at statutory rates	$	(22,846	)	$	(24,675	)
State income tax, net of federal benefit		(1,701	)		(1,438	)
Permanent items		2,877			1,656
Research and development credits		(3,640	)		(6,170	)
Change in valuation allowance		25,310			30,627
Income tax expense	$	—		$	—

Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are shown below (in thousands):

	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carry forwards	$	53,520		$	43,491
Depreciation and amortization		338			334
Research and development credits		25,123			19,782
Share-based compensation		5,122			4,668
Accrued expenses		1,535			1,402
Lease liability		16,857			18,551
Other, net		62			49
Section 174 Capitalized R&D		39,385			30,147
Total deferred tax assets		141,942			118,424
Valuation allowance for deferred tax assets		(127,479	)		(102,169	)
Deferred tax assets, net of valuation allowance		14,463			16,255
Deferred tax liabilities:
ROU asset		(7,644	)		(8,404	)
Depreciation and amortization		(6,819	)		(7,851	)
Net deferred tax assets	$	—		$	—

Summary of Changes in Gross Unrecognized Tax Benefits

The following table summarizes the changes in the Company’s gross unrecognized tax benefits (in thousands):

	December 31,
	2024			2023
Balance at the beginning of the year	$	3,738		$	2,339
Increases (decreases) related to tax positions taken in prior years		(83	)		102
Increases related to tax positions taken in current year		1,093			1,297
Balance at the end of the year	$	4,748		$	3,738