Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions

The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		59		48		—
Total current tax expense (benefit)	$	59	$	48	$	—
Deferred:
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
Total deferred tax expense (benefit)	$	—	$	—	$	—
Total tax expense (benefit)	$	59	$	48	$	—

Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit)

A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:

	Year Ended December 31,
	2024			2023			2022
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State and local income taxes		3.2	%		4.5	%		7.4	%
R&D tax credits		5.3	%		3.1	%		5.9	%
Compensation		0.7	%		2.6	%		(5.1	)%
Warrant (gain) loss		(7.4	)%		(2.5	)%		13.0	%
Change in tax rates		0.0	%		(0.4	)%		0.4	%
Provision to return and deferred tax adjustments		0.1	%		(0.2	)%		10.9	%
Valuation allowance		(22.9	)%		(28.0	)%		(53.4	)%
Other		0.0	%		(0.1	)%		(0.1	)%
Effective tax rate		0.0	%		0.0	%		0.0	%

Summary of net deferred tax assets

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

	December 31,			December 31,
	2024			2023
Deferred tax assets:
Accrued bonus	$	2,036		$	3,652
Unearned revenue		158			1,233
Stock-based compensation		9,793			7,308
Depreciation and amortization		3,109			2,843
Capitalized R&D costs		62,939			27,432
Lease liabilities		4,483			2,031
R&D credit carryforwards		29,800			11,428
Net operating loss carryforwards		56,204			36,197
Other		677			686
Total deferred tax assets	$	169,199		$	92,810
Valuation allowance		(166,287	)		(90,963	)
Total deferred tax assets, net of valuation allowance	$	2,912		$	1,847
Deferred tax liabilities:
Right of use assets		(2,386	)		(1,142	)
Other		(526	)		(705	)
Total deferred tax liabilities	$	(2,912	)	$	(1,847	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of valuation allowance against its gross deferred tax assets

The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):

	2024			2023			2022
Beginning balance	$	90,963		$	48,212		$	20,388
Charged to costs and expenses		75,780			44,123			25,925
Charged (credited) to other accounts		(456	)		(1,372	)		1,899
Ending balance	$	166,287		$	90,963		$	48,212