Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

Income taxes consisted of the following for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	—	$	—
State	3		1		9
Total	3		1		9
Deferred:
Federal	—		—		—
State	—		—		—
Total	—		—		—
Income taxes	$	3	$	1	$	9

Schedule of Effective Income Tax Rate Reconciliation

The U.S. federal statutory rate is reconciled to the Company's effective income tax rate for the year ended December 31, 2025 after the adoption of ASU 2023-09 as follows (in thousands):


	Year Ended December 31, 2025
	Amount		Percent
Federal statutory rate, benefit	$	(122,960)	21.0	%
State income taxes, net of benefit	(14,600)		2.5	%
R&D credits	(5,119)		0.9	%
Nontaxable or nondeductible items
Stock-based compensation	110,014		(18.8)	%
Change in unrecognized tax benefits	1,035		(0.2)	%
Other	1,626		(0.3)	%
Change in valuation allowance	30,007		(5.1)	%
Effective tax rate	$	3	—	%

The following table presents the Company’s effective income tax rate reconciliation for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09 (in thousands):


	Year Ended December 31,
	2024		2023
Federal statutory rate, benefit	$	(14,586)	$	(11,958)
State income taxes, net of benefit	(5,318)		(4,881)
Nondeductible expenses	35		153
Stock-based compensation	2,566		1,618
Change in valuation allowance	20,366		18,099
R&D credits	(3,084)		(3,022)
Other	22		—
Income taxes	$	1	$	9

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets were as follows for the periods presented (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	76,818	$	47,448
Accrued expenses and other current liabilities	1,426		1,666
Charitable contributions	19		22
Depreciation and amortization	886		930
Stock-based compensation	1,785		233
Operating lease liabilities	1,292		2,136
Capitalized research and development expense	8,687		12,920

Section 195 capitalization	262		369
Research and development credits	15,804		12,076
Total deferred tax assets	106,979		77,800
Less: valuation allowance	(105,744)		(75,737)
Total deferred tax assets, net of valuation allowance	1,235		2,063
Deferred tax liabilities:
Operating lease right-of-use assets	(1,236)		(2,064)
Other	1		1
Total deferred tax liabilities	(1,235)		(2,063)
Net deferred tax assets	$	—	$	—

Schedule of NOLs and Tax Credit Carryforwards

As of December 31, 2025, NOLs and tax credit carryforwards were as follows (in millions):


	Amount		Expiration Years
NOLs, federal	$	288.7	Indefinite
NOLs, state	180.9		2039
Research and development tax credits, federal	11.8		2039
Research and development tax credits, state	8.2		Indefinite

Schedule of Tax Credit Carryforwards

As of December 31, 2025, NOLs and tax credit carryforwards were as follows (in millions):


	Amount		Expiration Years
NOLs, federal	$	288.7	Indefinite
NOLs, state	180.9		2039
Research and development tax credits, federal	11.8		2039
Research and development tax credits, state	8.2		Indefinite

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits was as follows for the periods presented (in thousands):


	December 31,
	2025		2024
Beginning balance of unrecognized tax benefits	$	3,269	$	2,441
Gross increases based on tax positions related to current year	1,035		795
Gross increases (decrease) based on tax positions related to prior years	(103)		33
Ending balance of unrecognized tax benefits	$	4,201	$	3,269