Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss before the provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
United States	$	(38,846)	$	(102,126)	$	(94,742)
Foreign (Austria)	1,706		1,037		903
	$	(37,140)	$	(101,089)	$	(93,839)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax expense (benefit) at the U.S. federal statutory income tax rate to the actual income tax expense (benefit) at the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2024		2023		2022
Expected tax expense (benefit) at U.S. federal statutory income tax rate	(21.0)	%	(21.0)	%	(21.0)	%
State income taxes, net of federal benefit	(11.4)		(6.0)		(5.5)
Research and development tax credits	(3.9)		(1.4)		(1.0)
Orphan drug credits	(23.7)		—		—
Other permanent differences	2.2		(0.2)		3.0
Change in deferred tax asset valuation allowance	58.6		29.3		23.2
Other	—		(0.7)		1.3
Effective income tax rate	0.8	%	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
(in thousands)	2024		2023
Net operating loss carryforwards	$	115,332	$	122,942
Tax credit carryforwards	18,649		8,416
Capitalized research and development expenses	44,524		28,402
Lease liabilities	523		755
Other	6,658		4,616
Total deferred tax assets	185,686		165,131
Valuation allowance	(184,908)		(163,994)
Deferred tax assets, net of valuation allowance	$	778	$	1,137
Right of use assets	778		1,137
Total deferred tax liabilities	$	778	$	1,137
Total deferred tax assets, net	$	—	$	—

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024, 2023 and 2022 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Valuation allowance, beginning of year	$	(163,994)	$	(133,112)	$	(111,835)
Current year activity	(20,914)		(30,882)		(21,277)
Valuation allowance, end of year	$	(184,908)	$	(163,994)	$	(133,112)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the Company’s reserve for uncertain tax positions for the three years ended December 31, 2024:

(in millions)	Reserve for Uncertain Tax Position
Balance as of December 31, 2022	$	0.2
Balance as of December 31, 2023	$	0.2
Balance as of December 31, 2024	$	0.2