v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate

 

 

December 31, 2025

 

 

 

Amounts

 

 

%

 

U.S. Federal Statutory Income Tax (benefit)

 

$

(23,412

)

 

 

21.00

%

Tax Credits

 

 

 

 

 

 

R&D Credit

 

 

(4,245

)

 

 

3.81

%

Nontaxable or Nondeductible Items

 

 

 

 

 

 

Excess Officer Compensation

 

 

1,831

 

 

 

-1.64

%

Other

 

 

684

 

 

 

-0.61

%

Changes in valuation allowance

 

 

25,133

 

 

 

-22.54

%

Other reconciling items

 

 

9

 

 

 

-0.01

%

Domestic State

 

 

 

 

 

 

State income taxes, net of federal effect

 

 

 

 

 

0.00

%

Effective income tax rate

 

$

 

 

 

0.00

%

 

 

 

 

For the year ended December 31,

 

 

 

 

2024

 

 

Rate Reconciliation

 

 

 

 

Statutory U.S. federal rate

 

 

21.00

%

 

Permanent Differences

 

 

-3.59

%

 

State income taxes, net of federal benefit

 

 

2.44

%

 

Research and development credits

 

 

3.62

%

 

Other

 

 

-1.68

%

 

Valuation allowance

 

 

-21.79

%

 

Effective tax rate

 

 

0.00

%

 

Summary of Net Deferred Tax Assets (Liabilities) eferred tax assets consisted of the following (in thousands):

 

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Deferred Tax Summary

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

US and State net operating loss carryforwards

 

$

10,195

 

 

$

3,246

 

Capitalized research and development costs

 

 

34,006

 

 

 

19,043

 

License fees capitalization

 

 

958

 

 

 

1,022

 

Research and development credit carryforwards

 

 

10,589

 

 

 

5,065

 

Accruals

 

 

1,633

 

 

 

853

 

Lease liability

 

 

2,809

 

 

 

355

 

Stock-based compensation

 

 

1,792

 

 

 

1,049

 

Other

 

 

20

 

 

 

 

Total deferred tax assets

 

 

62,002

 

 

 

30,633

 

Deferred tax liabilities

 

 

 

 

 

 

Depreciation

 

 

(121

)

 

 

(75

)

Right-of-Use Asset

 

 

(2,424

)

 

 

(347

)

Total deferred tax liabilities

 

 

(2,545

)

 

 

(422

)

Valuation Allowance

 

 

(59,457

)

 

 

(30,211

)

Net deferred tax assets (liabilities)

 

$

 

 

$

 

Summary of Change in Valuation Allowance for Deferred Tax Assets Changes in valuation allowance for deferred tax assets for the years ended December 31, 2025 and 2024 related primarily to the increases in NOLs, research and development tax credit carryforwards, capitalized research and development expenses pursuant to IRC Section 174 and Section 59(e), and stock-based compensation were as follows:

 

 

 

 

For the year ended December 31,

 

 

 

2025

 

 

2024

 

Valuation allowance as of beginning of year

 

$

(30,211

)

 

$

(13,145

)

Decreases recorded as benefit to income tax provision

 

 

 

 

 

 

Increases recorded to income tax provision

 

 

(29,246

)

 

 

(17,066

)

Valuation allowance as of end of year

 

$

(59,457

)

 

$

(30,211

)