v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income before Income Tax, Domestic and Foreign
Income (loss) before provision for income taxes consisted of the following (in thousands):
Year Ended December 31,
20252024
United States$(90,351)$(75,144)
Loss before provision for income taxes$(90,351)$(75,144)
Effective Income Tax Rate Reconciliation
The reconciliation of the Company’s statutory tax rate and effective income tax rate is as follows (in thousands):
Year Ended
December 31,
20252024
AmountPercentAmountPercent
US Federal Statutory Tax Rate$(18,974)21.0%$(15,781)21.0%
Tax Credits:
Research and development credit(7,288)8.1%(3,765)5.0%
Change in valuation allowance24,008 (26.6)%15,206 (20.2)%
Nontaxable or Nondeductible Items:
Equity Compensation 704 (0.8)%3,242 (4.3)%
Other92 (0.1)%345 (0.5)%
Changes in Unrecognized Tax Benefits1,458 (1.6)%753 (1.0)%
Effective income tax rate$——%$——%
Deferred Tax Assets and Liabilities
Significant components of the Company’s net deferred tax assets are as follows (in thousands):
Year Ended
December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$80,368 $69,308 
Research and development credits18,861 12,840 
Accruals & reserves1,071 901 
Stock compensation3,269 1,198 
Amortization716 768 
Lease liability2,132 2,648 
Capitalized research and development expenses33,861 28,023 
Depreciation70 — 
Total deferred tax assets140,348 115,686 
Valuation allowance(139,776)(114,972)
Net deferred tax assets572 714 
Deferred tax liabilities:
Depreciation— (71)
Right of use asset(572)(643)
Total deferred tax liabilities(572)(714)
Net deferred taxes$— $— 
Valuation Allowance The Company’s valuation allowance for the years ended December 31, 2025 and 2024 is as follows (in thousands):
Year Ended
December 31,
20252024
Valuation allowance beginning of year$114,972 $98,926 
Increases recorded to income tax provision24,804 16,046 
Valuation allowance at end of year$139,776 $114,972 
Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Year Ended
December 31,
20252024
Beginning balance$3,364 $2,611 
Additions based on tax positions related to current year1,138 654 
Additions for tax positions of prior years320 99 
Ending Balance$4,822 $3,364