v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

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 statutory income tax rate

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

 

31.3

%

 

 

2.1

%

Research tax credits

 

 

7.5

%

 

 

34.5

%

Tax attributes acquired as part of reverse merger

 

 

—

%

 

 

201.1

%

Other

 

 

8.8

%

 

 

(1.7

)%

Increase in deferred tax asset valuation allowance

 

 

(68.6

)%

 

 

(257.0

)%

Effective income tax rate

 

 

0.0

%

 

 

0.0

%

 
Summary of net deferred tax assets

The following table provides a summary of net deferred tax assets:

 

 

December 31,

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

109,660

 

 

$

73,580

 

Capitalized research and development costs

 

 

35,142

 

 

 

22,446

 

Tax credit carryforwards

 

 

22,784

 

 

 

16,147

 

Share-based compensation

 

 

9,151

 

 

 

6,462

 

Amortization of license fees

 

 

3,802

 

 

 

3,209

 

Accrued expenses

 

 

1,256

 

 

 

795

 

Lease liabilities

 

 

22

 

 

 

14,063

 

Other

 

 

15

 

 

 

59

 

Gross deferred tax assets

 

 

181,832

 

 

 

136,761

 

Valuation allowance

 

 

(181,605

)

 

 

(123,452

)

Total deferred tax assets

 

 

227

 

 

 

13,309

 

Deferred tax liabilities:

 

 

 

 

 

 

Right-of-use lease assets

 

 

(18

)

 

 

(12,499

)

Depreciation and amortization

 

 

—

 

 

 

(810

)

Other

 

 

(209

)

 

 

—

 

Total deferred tax liabilities

 

 

(227

)

 

 

(13,309

)

Net deferred tax assets

 

$

—

 

 

$

—

 
Summary of changes in the valuation allowance The changes in the valuation allowance for the years ended December 31, 2024 and 2023 were as follows:

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

Valuation allowance as of beginning of year

 

$

123,452

 

 

$

11,566

 

Net increases recorded to income tax provision

 

 

58,153

 

 

 

111,886

 

Valuation allowance as of end of year

 

$

181,605

 

 

$

123,452