Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of The Company's Provision For Income Taxes

The Company’s provision for income taxes is comprised of the following for the periods ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	2,488
State		—		110
Foreign		—		—
		—		2,598
Deferred:
Federal		—		—
State		—		—
Foreign		—		—
		—		—
Provision for income taxes	$	—	$	2,598

The Company recorded $2.6 million of income tax expense in 2023 related to a change in estimate with respect to the tax treatment of the GSK License Agreement, which resulted in taxable income and the utilization of $236.5 million of U.S. federal net operating losses and $6.9 million of U.S. federal research and development tax credits on its amended 2022 U.S. federal tax return.

During the years ended December 31, 2024 and 2023, the Company recorded no income tax benefits for the net operating income (losses) incurred in each year or interim period due to its uncertainty of realizing a benefit from those items.

Schedule of Domestic and Foreign Components of Loss before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):

	Year Ended December 31,
	2024			2023
Domestic	$	(68,566	)	$	25,404
Foreign		-			-
Income (loss) before income taxes	$	(68,566	)	$	25,404

Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

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

	Year Ended December 31,
	2024				2023
Federal statutory income tax rate		(21.0	)			21.0
Federal tax credits		(4.3	)			(4.9	)
State taxes, net of federal benefit		1.6				(0.4	)
Nondeductible stock compensation		0.8				8.5
Other nondeductible items		-				0.3
Other		(1.0	)			(1.0	)
Reduction in tax attributes		-				13.9
Increase in deferred tax asset valuation allowance		21.0				(27.2	)
Deferred true-up		2.9				-
Effective income tax rate		—		%		10.20

Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands):

	December 31,
	2024			2023
Net operating loss carryforwards	$	42,310		$	25,646
Deferred revenue		41,745			47,014
Research and development and orphan drug tax credit carryforwards		10,952			7,612
Capitalized research and development expenses		21,149			21,342
Other		6,101			6,264
Total deferred tax assets		122,257			107,878
Valuation allowance		(122,257	)		(107,878	)
Net deferred tax assets	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

	December 31,
	2024			2023
Valuation allowance as of beginning of year	$	(107,878	)	$	(114,790	)
Increases recorded to income tax provision		(14,379	)		6,912
Valuation allowance as of end of year	$	(122,257	)	$	(107,878	)