Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax (benefit) expense consists of the following:

	Year Ended December 31,
(in thousands)	2024		2023
Deferred income tax benefit:
Federal	$	—	$	(279)
State	—		—
Total deferred income tax benefit	—		(279)
Total provision (benefit) from income taxes	$	—	$	(279)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2024		2023
Federal income tax expense at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	7.4	%	7.3	%
Tax credits	2.6	%	2.0	%
Permanent differences	(0.9)	%	(0.9)	%
Other	0.8	%	(0.4)	%
Change in valuation allowance	(30.8)	%	(28.9)	%
Effective income tax rate	—	%	0.1	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets (liabilities) consisted of the following:

	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Capitalized research and development costs	$	74,605	$	49,990
U.S. and state net operating loss carryforwards	61,501		35,977
Depreciation and amortization	12,829		13,204
Tax credits	22,986		12,863
Accrual	2,334		5,817
Lease Liability	12,228		3,711
Stock Compensation	6,005		1,473
Other	141		9
Total deferred tax assets	192,629		123,044
Deferred tax liabilities:
Right of Use Asset	(12,852)		(3,794)
Total deferred tax liabilities	(12,852)		(3,794)
Valuation allowance	(179,777)		(119,250)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule Of Net Operating Loss And Tax Credit Carryforwards

The following is a summary of the Company’s net operating loss and tax credit carryforwards, both of which may be available to reduce future tax liabilities:

	December 31,
(in thousands)	2024		2023
U.S. federal net operating loss - do not expire	$	226,904	$	131,608
State net operating loss - expire at various dates beginning in 2039	219,351		132,009
Federal research and development tax credits - expire at various dates beginning in 2040	15,082		8,085
State research and development tax credits - expire at various dates beginning in 2036	10,005		6,047

Summary of Valuation Allowance

For the year ended December 31, 2024, the valuation allowance increased primarily due to the increases in net operating loss carryforwards, capitalized research and development costs, and research and development tax credit carryforwards. The changes in the valuation allowance were as follows:

	Year Ended December 31,
(in thousands)	2024		2023
Valuation allowance at beginning of year	$	119,250	$	62,132
Increases (decreases) recorded to income tax provision	60,527		57,118
Valuation allowance at end of year	$	179,777	$	119,250