Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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 2024 and 2023 is as follows:

	2024			2023
Federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		2.55	%		6.70	%
Research and development credits		2.20	%		6.28	%
Tax law change		2.20	%		0.94	%
Equity-based compensation		(2.05	)%		(1.49	)%
Other, net		(0.06	)%		(0.67	)%
Valuation allowance		(25.91	)%		(24.41	)%
Effective tax rate		(0.07	)%		8.35	%

Summary of Net Deferred Income Tax Asset

As of December 31, 2024 and 2023, the net deferred income tax asset balance related to the following (in thousands):

	December 31,
	2024			2023
Deferred tax assets:
Capitalized research and development	$	65,606		$	41,901
Net operating losses		32,148			14,443
Equity-based compensation		21,035			16,960
Research and development credits		6,970			3,155
Accrued expenses		2,699			1,836
Basis difference on gain on sale of Cullinan Pearl		1,700			1,700
Licenses		694			7,189
Lease liability		590			985
Capitalized organizational and start-up expenses		101			116
Gross deferred tax assets		131,543			88,285
Valuation allowance		(130,939	)		(87,371	)
Net deferred tax asset		604			914
Deferred tax liability
ROU asset		457			697
Depreciation and amortization		147			217
Net deferred tax asset	$	—		$	—

Summary of Valuation Allowance

	2024		2023
Valuation allowance at beginning of year	$	87,371	$	46,766
Increases recorded to income tax provision		43,568		41,307
Increases (decreases) recorded to equity		—		(702	)
Valuation allowance at end of year	$	130,939	$	87,371