Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Company's Statutory Income Tax Rate to the Company's Effective Income Tax Rate

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2025						2024
	Amount (in thousands)			Rate			Amount (in thousands)			Rate
Federal statutory income tax rate		(21,127	)		21.00	%		(17,523	)		21.00	%
Permanent difference		777			(0.77	)%		644			(0.77	)%
State taxes, net of federal benefit		73			(0.07	)%		(123	)		0.15	%
Research and development credits		(3,781	)		3.76	%		(4,999	)		5.99	%
Change in valuation allowance		24,058			(23.91	)%		22,002			(26.37	)%

Effective income tax rate		—			0.00	%		—			0.00	%

Summary of Net Deferred Tax Assets (Liabilities)

Net deferred tax assets (liabilities) as of December 31, 2025 and 2024 consisted of the following (in thousands):


	Year Ended December 31,
	2025			2024
Deferred tax assets
Net operating loss carryforwards	$	49,893		$	17,753
Research and development tax credit carryforwards		23,251			18,430
Lease right-of-use liability		1,794			1,800
Accrued expenses and other liabilities		885			1,352
Stock Compensation Expense		2,815			2,192
IRC 174 capitalized research and development		19,836			27,129
Other		1,202			662

Total deferred tax assets		99,676			69,319
Less: Valuation allowance		(98,055	)		(67,584	)

Net deferred tax assets		1,621			1,735

Deferred tax liabilities
Lease right-of-use asset		(1,728	)		(1,734	)
Depreciation		107			(1	)

Total deferred tax liabilities		(1,621	)		(1,735	)

Net deferred tax assets (liabilities)	$	—		$	—

Summary of Changes in the Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 related primarily to the increase in net operating loss carryforwards and were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Valuation allowance at the beginning of the year	$	67,584	$	40,458
Increases recorded to income tax provision		30,471		27,126

Valuation allowance at end of the year	$	98,055	$	67,584