Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of effective income tax amount reconciliation

The differences between the effective income tax rate and the U.S. federal statutory income tax rate for the years ended December 31, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2024		2023
Amount at statutory tax rates	$	(61,789)	$	(32,548)
Permanent differences		3,000		7
Valuation allowance		64,923		34,961
Stock-based compensation		3,356		892
Federal research and development credit		(9,520)		(3,322)
Other		30		10
Total	$	—	$	—

Schedule of significant components of the deferred tax asset balances

Significant components of the deferred tax asset balances as of December 31, 2024 and 2023 were as follows (in thousands):

	December 31,		December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	21,573	$	10,519
Tax credits		17,407		6,243
Research and development capitalization		74,211		39,059
Accruals and reserves		115		15
Stock-based compensation		3,088		1,361
Operating lease liabilities		6,452		6,842
Other capitalized expenses		11,832		4,567
Gross deferred tax assets		134,678		68,606
Valuation allowance		(127,990)		(61,404)
Deferred tax assets, net of valuation allowance	$	6,688	$	7,202
Deferred tax liabilities:
Fixed assets		(885)		(1,025)
Operating lease right-of-use assets		(5,803)		(6,177)
Deferred tax liabilities		(6,688)		(7,202)
Total net deferred tax assets	$	—	$	—

Schedule of company's federal and state net operating loss carryforwards

The following table sets forth the Company’s U.S. federal and state net operating loss carryforwards and tax credits as of December 31, 2024 (in thousands):

	Amount		Begin to Expire
Net operating losses, U.S. federal	$	84,664	Do not expire
Net operating losses, U.S. federal	$	16,520	2037
Net operating losses, U.S. states	$	4,683	2041
Tax credits, U.S. federal	$	16,026	2039
Tax credits, U.S. states	$	5,289	2037

Schedule of company's federal and state tax credits

The following table sets forth the Company’s U.S. federal and state net operating loss carryforwards and tax credits as of December 31, 2024 (in thousands):

	Amount		Begin to Expire
Net operating losses, U.S. federal	$	84,664	Do not expire
Net operating losses, U.S. federal	$	16,520	2037
Net operating losses, U.S. states	$	4,683	2041
Tax credits, U.S. federal	$	16,026	2039
Tax credits, U.S. states	$	5,289	2037

Schedule of reconciliation pf unrecognized tax benefits

A reconciliation of the beginning and ending balances of the unrecognized tax benefits for the years ended December 31, 2024 and 2023, is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Beginning balance	$	4,116	$	2,451
Increases in tax positions in the current period		1,336		3,572
Decreases related to prior year’s tax position		(2,655)		(1,907)
Ending balance	$	2,797	$	4,116