Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of effective income tax rate differs from federal statutory rate

	Year Ended December 31,
	2024		2023
Tax effected at statutory rate	21.0	%	21.0	%
State taxes	7.4		6.5
Stock-based compensation	(1.0)		(1.4)
Non-deductible expenses	(1.2)		(0.8)
Federal research and development credits	4.0		3.5
Change in valuation allowance	(30.2)		(28.8)
Effective income tax rate	0.0	%	0.0	%

Schedule of deferred tax assets

	Year Ended December 31,
	2024		2023
Deferred tax assets:
Federal net operating loss carryforwards	$	51,548	$	43,953
State net operating loss carryforwards		13,745		11,433
Capitalized research and development expenditures		28,934		24,485
Research and development credit carryforwards		13,149		10,359
Lease liability		2,224		2,510
Deferred revenue		2,089		—
Accruals and reserves		151		210
Intangible assets		1,777		1,793
Stock-based compensation		1,362		1,213
Total deferred tax assets:		114,979		95,956
Valuation allowance		(112,522)		(92,978)
Subtotal		2,457		2,978
Deferred tax liabilities:
Property and equipment		(1,204)		(1,578)
Right of use asset		(1,253)		(1,400)
Total deferred tax liabilities		(2,457)		(2,978)
Net deferred tax assets	$	—	$	—