v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS

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

​

​

​

​

​

​

​

​

    

December 31, 

​

    

2024

    

2023

Deferred income tax assets:

 

​

  

 

​

  

NOL carryforwards

​

$

23,931

​

$

16,199

Research credit carryforwards

​

 

7,870

​

 

5,153

Capitalized R&D

​

 

26,132

​

 

19,404

Stock based compensation

​

​

1,044

​

​

1,929

Other

​

 

1,265

​

 

1,117

Gross deferred tax assets

​

 

60,242

​

 

43,802

Less: valuation allowance

​

 

(60,199)

​

 

(43,596)

Total deferred tax assets

​

 

43

​

 

206

Deferred income tax liabilities:

​

 

  

​

 

  

Other

​

 

(43)

​

 

(206)

Total deferred tax liabilities

​

 

(43)

​

 

(206)

Net deferred tax assets (liabilities)

​

$

—

​

$

—

SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):

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​

​

​

​

​

​

​

    

Years ended December 31, 

​

    

2024

    

2023

U.S. Federal statutory income tax rate

​

$

(14,604)

​

$

(15,831)

State taxes

​

 

(2,809)

​

 

(3,389)

Permanent and other differences

​

 

248

​

 

416

Stock-based compensation

​

 

2,704

​

 

1,049

Research and development credits

​

 

(2,054)

​

 

(2,676)

Change in valuation allowance

​

 

16,570

​

 

20,487

Total tax provision

​

$

55

​

$

56

​

SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2024 and 2023 (in thousands):

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​

​

​

​

​

​

​

    

Years ended December 31, 

​

    

2024

    

2023

Beginning balance of unrecognized tax benefits

​

$

2,214

​

$

993

Additions based on tax positions related to the current year

​

​

950

​

​

1,127

Additions based on tax positions related to the prior year

​

 

—

​

 

94

Ending balance of unrecognized tax benefits

​

$

3,164

​

$

2,214