Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024			Year Ended December 31, 2023
Federal income tax at statutory rate		21.00	%		21.00	%
Permanent differences		(0.90	)		(0.04	)
Federal and state research and development credits		15.14			1.47
Federal orphan drug credits		77.47			9.41
State income tax, net of federal benefit		6.09			5.92
Stock compensation (incentive stock options)		(6.23	)		(0.68	)
Stock compensation cancellations		(17.71	)		(0.18	)
Officers' compensation		(5.11	)		(1.06	)
Impact of ownership change		(1,283.66	)		—
Deferred rate change		(6.78	)		(0.02	)
Other		3.75			0.11
Change in valuation allowance		1,196.94			(35.93	)
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, 2024			December 31, 2023
Deferred tax assets:
Capitalized research and development costs	$	38,850		$	30,019
Net operating loss carryforwards		1,436			85,622
Orphan drug credit carryforwards		2,193			23,790
Research and development credit carryforwards		422			11,569
Intangible assets		2,705			6,291
Accrued expenses and other		6,760			6,740
Operating lease liability		2,287			2,911
Gross deferred tax assets		54,653			166,942
Valuation allowance		(51,753	)		(164,483	)
Net deferred tax assets		2,900			2,459
Deferred tax liability		(2,900	)		(2,459	)
Net deferred tax assets	$	—		$	—