Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Rate Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate

The rate reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2024, 2023 and 2022 are as follows:

	December 31,
	2024		2023		2022
Tax effect at statutory rate	21.0	%	21.0	%	21.0	%
State taxes	7.9		6.8		6.4
Federal research and development credits	6.1		4.6		1.5
Stock compensation	0.3		(1.5)		0.1
Disallowed Expenditures	(2.3)		(2.3)		(1.8)
Change in valuation allowance	(33.0)		(28.6)		(27.2)
Total	0.0	%	0.0	%	0.0	%

Schedule of Significant Components of Net Deferred Income Taxes

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

	December 31,
	2024			2023
Deferred Tax Assets:
Federal net operating loss carryforwards	$	46,468		$	33,708
State net operating loss carryforwards		15,063			10,194
Research and development credit carryforwards		42,549			25,975
Lease liabilities		22,980			22,443
Deferred revenue		3,603			9,807
Accruals and reserves, stock and other		18,794			13,636
Capitalized Research and Development		110,333			68,340
Total deferred tax assets	$	259,790		$	184,103
Valuation allowance		(236,206	)		(162,375	)
Deferred tax assets	$	23,584		$	21,728
Deferred Tax Liabilities:
Fixed and intangible assets		(10,632	)		(1,884	)
Right-of-use assets		(12,952	)		(19,844	)
Net deferred tax asset	$	—		$	—