Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following:


	Year Ended December 31,
	2025			2024
Current tax expenses (benefit)
US Federal	$	(6,207	)	$	613
US State		45			312
Total current tax expense (benefit)		(6,162	)		925
Deferred tax expense (benefit)
US Federal		—			—
US State		—			—
Total deferred tax expense (benefit)		—			—
Total income tax expense (benefit)
US Federal		(6,207	)		613
US State		45			312
Total provision (benefit) for income taxes	$	(6,162	)	$	925

Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table is a reconciliation of the Company's effective income tax rate to the statutory federal income tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09:


Year Ended December 31, 2025
At statutory rate	$	(34,547	)	21.00		%
State income taxes, net of federal effect		150		(0.10	)
Change in valuation allowance		36,562		(22.22	)
Nontaxable or nondeductible items
Stock-based compensation		2,471		(1.50	)
Other nontaxable or nondeductible items		21		(0.01	)
Changes in tax laws or rates
Federal R&D credits		(4,607	)	2.80
Cross-border tax laws		—		—
Worldwide changes in unrecognized tax benefits		(6,356	)	3.86
Other		144		(0.09	)
Total	$	(6,162	)	3.74		%

The following table is a reconciliation of the Company's effective income tax rate to the statutory federal income tax rate for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09:


Year Ended December 31, 2024
Expected income tax benefit at the federal statutory rate	21.0	%
State and local taxes	4.4
Research and development credits	3.5
Stock-based compensation	(3.9)
Uncertain tax positions	(0.4)
Other	0.5
Change in valuation allowance	(25.7)
Total	(0.6)	%

Summary of Principal Components of Deferred Tax Assets

The principal components of the Company’s deferred tax assets consisted of the following:


	As of December 31,
	2025			2024
Deferred tax assets (liabilities)
Capitalized research and development	$	58,533		$	56,255
Net operating loss carryforwards		56,408			19,514
License agreement		4,726			5,162
Stock-based compensation		23,934			22,681
Research and development credits		18,938			13,959
Other		266			232
Prepaid expenses		(477	)		(589	)
Deferred tax assets (liabilities)		162,328			117,214
Less: valuation allowance		(162,328	)		(117,214	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Reconciliation of Total Change in Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance for the year ended December 31, 2025:


Year Ended December 31, 2025
Beginning balance	$	117,214
Changes charged to income tax expense		45,114
Ending balance	$	162,328

Summary of Reconciliation of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2025:


Year Ended December 31, 2025
Balance at beginning of year	$	6,356
Reduction related to accrued interest		(1,353	)
Lapses in statutes of limitations		(5,003	)
Balance at end of period	$	—