Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	Year Ended December 31,
	2024		2023		2022
Federal statutory tax	21.00	%	21.00	%	21.00	%
State tax, net of federal benefit	4.61		7.45		5.10
Valuation allowance	(20.39)		(29.10)		(28.89)
Stock-based compensation	(2.17)		(2.25)		(6.11)
Tax credits	2.23		2.96		2.33
IPR&D	(5.34)		—		—
Other	0.06		(0.06)		(0.15)
Collaboration revenue	—		—		6.72
Effective income tax rate	0.00	%	0.00	%	0.00	%

Schedule of Deferred Tax Assets

The principal components of the Company’s net deferred tax assets were as follows (in thousands):

	Year Ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforward	$	176,298	$	133,141
Tax credit carryforward	37,611		22,409
Capital loss carryforward	14,705		14,368
Accrued liabilities and allowances	3,818		3,143
Deferred revenue	936		793
Property and equipment	10,551		—
Amortization	5,582		5,243
Capitalized research and development	82,389		51,159
Investment basis difference	7,820		4,104
Lease liability	16,486		17,284
Stock-based compensation	10,036		11,244
Other	125		470
Gross deferred tax assets	366,357		263,358
Valuation allowance	(359,440)		(248,420)
Deferred tax assets, net of valuation allowance	6,917		14,938
Deferred tax liabilities:
Operating lease right-of-use assets	(6,917)		(10,853)
Property and equipment	—		(4,085)
Deferred tax liabilities	(6,917)		(14,938)
Net deferred tax assets	$	—	$	—

Schedule of Changes to Company’s Unrecognized Tax Benefits

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

	Year Ended December 31,
	2024		2023
Beginning balance	$	400	$	400
Additions based on tax position related to the current year	1,625		—
Adjustments based on prior year tax positions	1,634		—
Ending balance	$	3,659	$	400