Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to 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,
	2023			2022
Federal statutory income tax rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		108.1			(5.4	)
Research and development and orphan drug tax credits		31.5			(2.9	)
Other permanent items		2.4			0.9
Change in deferred tax asset valuation allowance		(444.9	)		28.4
Loss of federal net operating losses due to 382		323.9			—
Effective income tax rate		—	%		—	%

Schedule of Net Deferred Tax Liabilities

Net deferred tax liabilities as of December 31, 2023 and 2022 consisted of the following:

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	12,387		$	64,959
Research and development and orphan drug tax credit carryforwards		7,825			6,606
Capitalized research and development expenses		9,797			4,380
Accrued expenses and reserves		251			61
Depreciation and amortization		—			—
Lease liability		10			9
Stock compensation		1,514			1,442
Total deferred tax assets		31,784			77,457
Valuation allowance		(18,506	)		(77,441	)
Net deferred tax assets	$	13,278		$	16
Deferred tax liabilities:
Depreciation and amortization	$	(16,594	)	$	(5	)
Right of use asset	$	(10	)	$	(11	)
Total deferred tax liabilities	$	(16,604	)	$	(16	)
Net deferred tax asset (liability)	$	(3,326	)	$	—

Schedule of Changes in Valuation Allowance

Changes in the valuation allowance were as follows:

	Year Ended December 31,
	2023			2022
Valuation allowance at beginning of year	$	(77,441	)	$	(69,680	)
Decreases/(increases) recorded to income tax provision		69,134			(7,761	)
Increases recorded to invested capital		(10,199	)		—
Valuation allowance at end of year	$	(18,506	)	$	(77,441	)