Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory 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			Year Ended December 31, 2022
Federal income tax at statutory rate		21.00	%		21.00	%
Permanent differences		(0.71	)		(0.46	)
Federal and state research and development credits		1.47			1.44
Federal orphan drug credits		9.41			7.23
State income tax, net of federal benefit		5.92			5.78
Officers' compensation		(1.06	)		(0.23	)
Impact of ownership change		—			(2.92	)
Other		(0.10	)		(0.13	)
Change in valuation allowance		(35.93	)		(31.71	)
Effective income tax rate		—	%		—	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consist of the following (in thousands):

	December 31, 2023			December 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$	85,622		$	75,005
Capitalized research and development costs		30,019			16,911
Orphan drug credit carryforwards		23,790			14,628
Research and development credit carryforwards		11,569			10,140
Intangible assets		6,291			6,918
Accrued expenses and other		6,740			5,232
Operating lease liability		2,911			3,613
Deferred revenue		—			251
Gross deferred tax assets		166,942			132,698
Valuation allowance		(164,483	)		(129,512	)
Net deferred tax assets		2,459			3,186
Deferred tax liability		(2,459	)		(3,186	)
Net deferred tax assets	$	—		$	—