Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate

The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:

	Year Ended December 31,
	2024	2023
Federal income tax rate	21.0 %	21.0 %
State income tax benefit	5.6 %	6.1 %
Permanent items	(1.6) %	(0.9) %
Research tax credits	4.8 %	5.7 %
Other	—	(0.4) %
Valuation allowance	(29.8) %	(31.5) %
Effective income tax rate	—	—

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Accrued expenses	$	1,651		$	1,428
Federal net operating loss carryforwards		51,217			39,934
State net operating loss carryforwards		14,828			11,423
Tax credits		22,725			17,062
Stock compensation		1,733			1,545
R&D capitalization		46,973			33,503
Amortization		1,582			1,464
Lease liability		8,634			9,746
Total deferred tax assets		149,343			116,105
Valuation allowance		(139,216	)		(104,403	)
Net total deferred tax assets	$	10,127		$	11,702
Deferred tax liabilities:
Lease right of use asset		(9,495	)		(10,945	)
Depreciation and amortization		(632	)		(757	)
Total deferred tax liabilities	$	(10,127	)	$	(11,702	)
Net deferred tax assets	$	—		$	—