Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Significant Component of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2024 and 2023 are as follows:

	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	154,634		$	148,009
Start-up and pre-clinical studies		11,011			13,754
Research and development credit carryforwards		40,486			39,838
Stock-based compensation		699			681
Capitalized acquisition costs		1,050			1,570
Lease liability		—			—
Depreciation		1			1
Capitalized research expenses		5,400			7,176
Other		0			2
		213,281			211,031
Less valuation allowance		(213,281	)		(211,031	)
Total deferred tax assets		—			—
Right-of-use asset		—			—
Total deferred tax liabilities	$	—		$	—
Net deferred taxes	$	—		$	—

Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:

	Year Ended December 31,
(in thousands)	2024			2023
Federal income tax at statutory rates		21	%		21	%
State income tax, net of federal tax benefit		(2	)%		(92	)%
Research and development credits	— %				2	%
Research and development true-up		29	%		(1	)%
Stock-based compensation		0		—%
Federal/state rate change		0	%		(3	)%
Change in valuation allowance		(48	)%		73	%
Effective tax rate		—	%		—	%