v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Effective Tax Rate of the Company’s Provision (Benefit) for Income Taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal rate as follows:

 

Year Ended
December 31,
   

2024

  

2023

US federal provision (benefit)

    

 

    

 

At statutory rate

  

21

%

  

21

%

Valuation allowance

  

(19

)%

  

(23

)%

Changes in stock-based compensation

  

(2

)%

  

(1

)%

Other

  

0

%

  

3

%

Effective tax rate

  

—

 

  

—

 
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):

 

2024

  

2023

Gross deferred tax assets:

  

 

  

 

  

 

  

 

Net operating loss carryforwards

  

$

17,148

 

  

$

13,396

 

Research and development credit carryforward

  

 

2,701

 

  

 

2,703

 

Capitalized research and development

  

 

7,117

 

  

 

5,964

 

Accrued bonus

  

 

59

 

  

 

41

 

Stock-based compensation

  

 

1,392

 

  

 

999

 

Lease liabilities

  

 

158

 

  

 

56

 

Other

  

 

25

 

  

 

12

 

Total gross deferred tax assets

  

 

28,600

 

  

 

23,171

 

Less valuation allowance

  

 

(28,477

)

  

 

(23,101

)

Total net deferred tax assets

  

 

123

 

  

 

70

 
   

 

  

 

  

 

  

 

Deferred tax liabilities:

  

 

  

 

  

 

  

 

Property and equipment

  

 

(19

)

  

 

(18

)

Right-of-use assets

  

 

(104

)

  

 

(52

)

Total deferred tax liabilities

  

 

(123

)

  

 

(70

)
   

 

  

 

  

 

  

 

Net deferred tax assets

  

$

—

 

  

$

—

 
Schedule of Total Gross Unrecognized Tax Benefits

The following is a rollforward of the total gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 (in thousands):

 

Year Ended
December 31,
   

2024

  

2023

Beginning Balance

  

$

1,234

  

$

811

Gross Increases – Tax Position in Prior Periods

  

 

423

  

 

—

Gross Increases – Tax Position in Current Period

  

 

421

  

 

423

Ending Balance

  

$

2,078

  

$

1,234