Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Statutory Income Tax Rate To Effective Income Tax Rate

A reconciliation of the Company’s statutory income tax rate to its effective income tax rate in 2023 and 2022 is as follows:

	2023			2022
Federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		6.70	%		4.71	%
Research and development credits		6.28	%		(0.25	)%
Equity-based compensation		(1.49	)%		0.77	%
Valuation allowance		(24.41	)%		1.13	%
Other, net		0.27	%		0.45	%
Effective tax rate		8.35	%		27.81	%

Summary of Net Deferred Income Tax Asset

As of December 31, 2023 and 2022, the net deferred income tax asset balance related to the following (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Capitalized research and development	$	41,901		$	18,724
Equity-based compensation		16,960			12,087
Net operating loss		14,443			10,531
Licenses		7,189			461
Research and development credit		3,155			1,110
Accrued expenses		1,836			1,977
Basis difference on gain on sale of Cullinan Pearl		1,700			1,805
Lease liability		985			1,345
Capitalized organizational and start-up expenses		116			127
Gross deferred tax assets		88,285			48,167
Valuation allowance		(87,371	)		(46,766	)
Net deferred tax asset		914			1,401
Deferred tax liability
ROU asset		697			1,108
Depreciation and amortization		217			293
Net deferred tax asset	$	—		$	—

Summary of Valuation Allowance

	2023			2022
Valuation allowance at beginning of year	$	46,766		$	44,552
Increases recorded to income tax provision		41,307			1,712
Increases (decreases) recorded to equity		(702	)		502
Valuation allowance at end of year	$	87,371		$	46,766