Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousands):

	Year ended December 31,
	2024			2023			2022
Domestic	$	(152,496	)	$	(149,540	)	$	(147,314	)
Foreign		406			207			9
Income (loss) before income taxes	$	(152,090	)	$	(149,333	)	$	(147,305	)

Schedule of Components of Tax Expense

The components of income tax expense are as follows (in thousands):

	Year ended December 31,
	2024		2023
Current:
Federal	$	—	$	—
State		—		—
Foreign		171		—
Total Current		171		—
Deferred:
Federal		—		—
State		—		—
Foreign		—		—
Total Deferred	$	—	$	—

Summary of Reconciliation Federal Income Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:

	Year ended December 31,
	2024			2023			2022
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		2.6	%		3.0	%		2.7	%
Stock-based compensation		(2.2	)%		(2.7	)%		1.9	%
Section 162(m)		(0.7	)%		(0.1	)%		(0.6	)%
Change in valuation allowance		(20.2	)%		(19.6	)%		(25.1	)%
Other		(0.5	)%		(1.6	)%		0.1	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands):

	Year ended December 31,
	2024			2023
Deferred tax assets:
Net operating loss carry forward	$	79,991		$	62,346
Tax credits		24,293			18,261
Intangibles		3,535			3,499
Other		(1	)		28
Stock-based compensation		1,880			1,998
Lease liability		827			1,542
Research and development costs		47,018			33,341
Fixed assets		37			—
Accruals and reserves		1,384			1,364
Total deferred tax assets before valuation allowance		158,964			122,379
Valuation allowance		(158,121	)		(120,779	)
Total deferred tax assets		843			1,600
Deferred tax liabilities:
Right of use assets		(843	)		(1,528	)
Fixed assets		—			(72	)
Total deferred tax liabilities		(843	)		(1,600	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

	Year ended December 31,
	2024		2023		2022
Unrecognized tax benefits as of the beginning of the year	$	13,809	$	8,872	$	4,702
Increase related to prior year tax provisions		111		—		(100	)
Decrease related to prior year tax provisions		—		—		—
Increase related to current year tax provisions		4,397		4,937		4,270
Statue lapse		—		—		—
Unrecognized tax benefits as of the end of the year	$	18,317	$	13,809	$	8,872