Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2024			2023			2022
Statutory rate		21.0	%		21.0	%		21.0	%
State tax		28.9	%		0.5	%		0.6	%
Permanent differences		(0.1	)%		(0.3	)%		—
Credits		19.3	%		2.0	%		1.7	%
Change in valuation allowance		(68.5	)%		(21.5	)%		(22.6	)%
Share-based compensation		(4.8	)%		(1.7	)%		(0.7	)%
Uncertain tax positions		(3.9	)%		—			—
Total		(8.1	)%		—			—

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

	As of December 31,
	2024			2023
Deferred tax assets
Federal and state net operating loss carryforwards	$	34,577		$	38,973
Capitalized R&D Section 174 Expense		63,487			34,938
Credits		22,038			10,338
Intangible asset basis		24,206			4,034
Share-based compensation		8,892			4,775
Other		3,986			1,397
Total deferred tax assets		157,186			94,455
Total deferred tax liabilities		(1,729	)		(75	)
Less: valuation allowance		(155,457	)		(94,380	)
Net deferred tax assets	$	—		$	—

Schedule of Changes in the Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Valuation allowance as of beginning of year	$	94,380	$	53,794	$	23,778
Increases recorded to income tax provision		61,077		40,586		30,016
Valuation allowance as of end of year	$	155,457	$	94,380	$	53,794

Summary of Unrecognized Tax Benefits

The following table reconciles the beginning and ending amount of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2024		2023			2022
Balance at beginning of year	$	2,634	$	2,535		$	1,141
Additions based on tax positions related to prior year		1,433		29			726
Additions based on tax positions related to current year		2,305		872			916
Reductions based on tax positions related to prior year		—		(802	)		(248	)
Reductions based on tax positions related to current year		—		—			—
Balance at end of year	$	6,372	$	2,634		$	2,535