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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components of Loss Before Income Taxes | The domestic and foreign components of loss before income taxes are as follows.
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
Domestic |  | $ | (36,948 | ) |  | $ | (35,339 | )
Foreign |  |  | (1 | ) |  |  | (16 | )
|  | $ | (36,949 | ) |  | $ | (35,355 | )
Reconciliation of 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 |  |  | 2022 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 4.9 |  |  |  | 6.2 |
Change in state tax rate |  |  | (1.7 | ) |  |  | (7.9 | )
Federal and state research and development tax credit |  |  | 8.2 |  |  |  | 1.1 |
Nondeductible permanent differences |  |  | (1.0 | ) |  |  | (1.0 | )
Stock compensation forfeitures - DTA Write Off |  |  | (1.8 | ) |  |  | — |
Change in deferred tax asset valuation allowance |  |  | (29.6 | ) |  |  | (19.3 | )
Effective income tax rate |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Net Deferred Tax Assets | Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following:
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Capitalized R&D - acquired in merger with Zafgen |  | $ | 66,678 |  |  | $ | 66,941 |
Capitalized R&D - Section 174 Costs post 2021 |  |  | 9,411 |  |  |  | 5,019 |
Stock based compensation |  |  | 3,490 |  |  |  | 2,709 |
Net operating loss carryforwards |  |  | 45,195 |  |  |  | 42,204 |
Tax credit carryforwards |  |  | 16,319 |  |  |  | 13,284 |
Other temporary differences |  |  | 21 |  |  |  | 20 |
Accruals & reserves |  |  | 19 |  |  |  | 19 |
Fixed assets & intangibles |  |  | 107 |  |  |  | 81 |
Operating lease liability |  |  | 1,298 |  |  |  | 1,355 |
Total deferred tax assets |  | $ | 142,538 |  |  | $ | 131,632 |
Deferred tax liabilities: |  |  |  |  |  |
Operating right of use asset |  |  | (768 | ) |  |  | (801 | )
Total deferred tax liabilities |  | $ | (768 | ) |  | $ | (801 | )
Less: Valuation allowance |  | $ | (141,770 | ) |  | $ | (130,831 | )
Net deferred tax assets / (liabilities) |  | $ | — |  |  | $ | — |
Summary of Changes in Valuation Allowance for Deferred Tax Assets | Changes to the valuation allowance were as follows:
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
Valuation allowance as of the beginning of the year |  | $ | 130,831 |  |  | $ | 124,016 |
Increases recorded to income tax provision |  |  | 10,939 |  |  |  | 6,815 |
Valuation allowance at end of year |  | $ | 141,770 |  |  | $ | 130,831 |

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