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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of loss before income taxes

For the years ended December 31, 2025 and 2024, the loss before income taxes consisted of the following (in thousands):

		2025				2024
Domestic		$	(106,911	)		$	(86,185	)
Foreign			828				(622	)
Total		$	(106,083	)		$	(86,807	)

Schedule of Income Tax Provision

The Company's income tax provision, net consisted of the following (in thousands):

		2025				2024
Components of income tax provision:
Current:
Federal		$	—			$	—
State			78				112
Foreign			30				—
Total Current			108				112
Deferred:
Federal			—				—
State			—				—
Foreign			—				—
Total Deferred			—				—
Total Income Tax Provision		$	108			$	112

Summary of Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate as of December 31, 2025 and 2024 is as follows (in thousands):

		2025							2024
Income tax provision at statutory rate		$	(22,278	)		21.0	%		$	(18,229	)		21.0	%
State and local taxes, net of federal benefit			78			(0.1	)%			112			(0.1	)%
Foreign tax effects
Other foreign jurisdictions			(144	)		0.1	%			131			(0.2	)%
Tax credits
Research and development credits			2,729			(2.5	)%			(3,088	)		3.6	%
Orphan drug credits			(20,441	)		19.3	%			—			—	%
Nontaxable or nondeductible items			1,786			(1.7	)%			1,184			(1.4	)%
Changes in valuation allowance			35,097			(33.1	)%			19,630			(22.6	)%
Other items
NOL adjustment - Section 382 study			3,157			(2.9	)%			—			—	%
Other			124			(0.1	)%			372			(0.3	)%
Total		$	108			(0.0	)%		$	112			0.0	%

Summary of Deferred Tax Assets (Liabilities)

Temporary differences that give rise to significant deferred tax assets (liabilities) as of December 31, 2025 and 2024 are as follows (in thousands):

		2025				2024
Deferred tax assets:
Net operating loss carryforwards		$	84,238			$	55,826
Stock-based compensation expense			3,009				2,450
Capitalized research and development expenses			24,440				32,422
Tax credit carryforwards			31,980				13,582
Accrued expenses and other current liabilities			1,368				1,025
Lease liability			4,520				4,903
Other			993				938
Total deferred tax assets			150,548				111,146
Deferred tax liabilities:
Right-of-use assets			(4,117	)			(4,540	)
Depreciable assets			(266	)			(312	)
Prepaid expenses and other current assets			(433	)			(443	)
Valuation allowance			(145,732	)			(105,851	)
Net deferred tax assets		$	—			$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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