Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate is as follows (in thousands):

	YEAR ENDED DECEMBER 31,
	2024			2023
Expected tax benefit at statutory rate	$	(13,730	)	$	(6,033	)
State income tax, net of federal benefit		(3,531	)		(1,024	)
Permanent and other		272			118
Change in fair value of SAFEs		755			—
Stock-based compensation expense		(1,479	)		1,109
Executive compensation expense		1,626			—
Research credits, net		(2,794	)		(3,106	)
Change in state and local tax rate		—			(2,335	)
Change in valuation allowance		18,881			11,343
Provision for income taxes	$	—		$	72

Schedule of significant portions of deferred tax assets and deferred tax liabilities

The principal components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

	YEAR ENDED DECEMBER 31,
	2024			2023
Net operating loss carryforwards	$	29,693		$	20,424
Capitalized research and development		21,731			16,407
Operating lease liabilities		3,970			4,733
Intangible assets		959			1,042
Research and development credits		8,423			5,652
Other, net		3,410			2,121
Total deferred tax assets	$	68,186		$	50,379
Valuation allowance		(63,115	)		(44,112	)
Deferred tax assets, net of valuation allowance	$	5,071		$	6,267
Deferred tax liabilities:
Fixed assets		(1,211	)		(1,636	)
Operating lease assets		(3,860	)		(4,631	)
Total deferred tax liabilities	$	(5,071	)	$	(6,267	)
Net deferred tax assets / (liabilities)	$	—		$	—

Schedule of gross unrecognized tax benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):

	YEAR ENDED DECEMBER 31,
	2024			2023
Unrecognized Tax Benefits - Beginning	$	3,999		$	2,853
Increases related to current year positions		1,012			1,040
Increases (decreases) related to prior year positions		(16	)		106
Unrecognized Tax Benefits - Ending	$	4,995		$	3,999