Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes Differs from Tax Expense and Effective Income Tax Rate Reconciliations

The provision for income taxes differs from the tax expense that would result by applying the statutory federal income tax rate to loss before taxes due to the following (in thousands):

	December 31,
	2024			2023
Federal tax benefit at statutory rate	$	(10,777	)	$	(13,593	)
State tax benefit at statutory rate, net of federal tax benefit		(3,892	)		(4,917	)
Change in valuation allowance		16,289			20,047
Research and development tax credits		(1,980	)		(2,030	)
Other		360			493
Provision for income taxes	$	—		$	—

The following table reflects the effective income tax rate reconciliation for the years ended December 31, 2024 and 2023:

	December 31,
	2024			2023
Statutory rate		21.0	%		21.0	%
Stock-based compensation		(0.7	%)		(0.7	%)
State taxes, net of the federal tax benefit		7.6	%		7.6	%
R&D credit benefit		3.9	%		3.1	%
Change in valuation allowance		(31.8	%)		(31.0	%)
Total		0.0	%		0.0	%

Components of Deferred Tax Assets

Components of the Company’s deferred tax assets are as follows (in thousands):

	December 31,
	2024			2023
Deferred tax assets
Net operating loss carryforwards	$	28,682		$	20,778
Capital research expenditures		18,308			14,014
Tax credit carryforwards		6,788			4,406
Stock-based compensation		4,324			2,568
Other		5			52
Gross deferred tax assets		58,107			41,818
Valuation allowance		(58,107	)		(41,818	)
Net deferred tax assets	$	—		$	—

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

	Year Ended December 31,
	2024		2023
Balance at beginning of year	$	1,461	$	783
Additions related to current year positions		622		678
Balance at end of year	$	2,083	$	1,461