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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
		2024				2023
Domestic		$	(80,604	)		$	(36,948	)
Foreign			—				(1	)
		$	(80,604	)		$	(36,949	)

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,
		2024				2023
Federal statutory income tax rate			21.0	%			21.0	%
State taxes, net of federal benefit			5.3				4.9
Change in state tax rate			(1.3	)			(1.7	)
Federal and state research and development tax credit			14.5				8.2
Nondeductible permanent differences			(0.8	)			(1.0	)
Stock compensation forfeitures - DTA Write Off			—				(1.8	)
Change in deferred tax asset valuation allowance			(38.7	)			(29.6	)
Effective income tax rate			0.0	%			0.0	%

Schedule of Net Deferred Tax Assets

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

		2024				2023
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen		$	66,678			$	66,678
Capitalized R&D - Section 174 Costs post 2021			22,616				9,411
Stock based compensation			4,879				3,490
Net operating loss carryforwards			50,177				45,195
Tax credit carryforwards			28,022				16,319
Other temporary differences			30				21
Accruals & reserves			19				19
Fixed assets & intangibles			119				107
Operating lease liability			1,196				1,298
Total deferred tax assets		$	173,736			$	142,538
Deferred tax liabilities:
Operating right of use asset			(708	)			(768	)
Total deferred tax liabilities		$	(708	)		$	(768	)
Less: Valuation allowance		$	(173,028	)		$	(141,770	)
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,
		2024				2023
Valuation allowance as of the beginning of the year		$	141,770			$	130,831
Increases recorded to income tax provision			31,258				10,939
Valuation allowance at end of year		$	173,028			$	141,770

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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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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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