INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS

Significant components of the Company’s net deferred tax assets are as follows (in thousands):

	December 31,
	2024		2023
Deferred income tax assets:
NOL carryforwards	$	23,931	$	16,199
Research credit carryforwards		7,870		5,153
Capitalized R&D		26,132		19,404
Stock based compensation		1,044		1,929
Other		1,265		1,117
Gross deferred tax assets		60,242		43,802
Less: valuation allowance		(60,199)		(43,596)
Total deferred tax assets		43		206
Deferred income tax liabilities:
Other		(43)		(206)
Total deferred tax liabilities		(43)		(206)
Net deferred tax assets (liabilities)	$	—	$	—

SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):

	Years ended December 31,
	2024		2023
U.S. Federal statutory income tax rate	$	(14,604)	$	(15,831)
State taxes		(2,809)		(3,389)
Permanent and other differences		248		416
Stock-based compensation		2,704		1,049
Research and development credits		(2,054)		(2,676)
Change in valuation allowance		16,570		20,487
Total tax provision	$	55	$	56

SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2024 and 2023 (in thousands):

	Years ended December 31,
	2024		2023
Beginning balance of unrecognized tax benefits	$	2,214	$	993
Additions based on tax positions related to the current year		950		1,127
Additions based on tax positions related to the prior year		—		94
Ending balance of unrecognized tax benefits	$	3,164	$	2,214