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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following for the year ended December 31, 2024 (in thousands):

Current income tax expense
Federal			$	707
State			237
Total			$	944

Reconciliation of Reported Estimated Income Tax Benefit

The reconciliation of the reported estimated income tax expense to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
United States federal tax at statutory rate			$	(13,866)					$	(1,902)					$	(25,149)
State taxes (net of federal benefit)			(4,183)						(163)						(7,385)
Deferred income tax adjustments			(7,299)						5,024						308
Deferred state blended rate adjustments			(2,663)						1,841						—
Research credit, net			(12,082)						(3,168)						(4,569)
Orphan drug credit, net			(1,308)						2,374						(10,846)
Other permanent items			388						1,301						1,362
Equity-based compensation			5,594						1,950						1,604
Change in valuation allowance			36,287						(7,257)						44,675
Other			76						—						—
Income tax expense/(benefit)			$	944					$	—					$	—

Components of the Company's Deferred Income Tax Assets (Liabilities)

The significant components of the Company's deferred income tax assets (liabilities) were as follows (in thousands):

			December 31,
			2024						2023
Deferred income tax assets:
Federal U.S. net operating loss carryforward			$	116,341					$	140,706
State net operating loss carryforward			31,758						33,350
Research and development credit, net			79,108						68,251
Orphan drug credit, net			33,834						33,330
Operating lease liabilities			10,308						9,078
Deferred revenue			18,795						17,442
Section 174 deferred tax asset			98,810						48,421
Equity based compensation			16,272						16,217
Other			4,971						6,617
Gross deferred income tax assets			410,197						373,412
Valuation allowance			(401,297)						(365,010)
Net deferred income tax assets			8,900						8,402
Deferred income tax liabilities:
Operating lease ROU assets			(6,745)						(6,372)
Prepaid expenditures			(2,155)						(2,030)
Gross deferred income tax liabilities			(8,900)						(8,402)
Net deferred income tax asset/(liability)			$	—					$	—

Summary of Valuation Allowance

The activity in the valuation allowance on deferred tax assets was as follows (in thousands):

			Balance at Beginning of Year						Additions						Deductions						Balance at End of Year
Year Ended December 31, 2024			$	365,010					$	36,287					—						$	401,297
Year Ended December 31, 2023			372,267						—						(7,257)						365,010
Year Ended December 31, 2022			327,592						44,675						—						372,267

Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Beginning balance			$	7,821					$	7,376					$	7,197
Increases for current year tax positions			1,001						449						548
Increases/(decreases) for prior year tax positions			512						(4)						(369)
Ending balance			$	9,334					$	7,821					$	7,376

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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.

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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 the change in unrecognized tax benefits.

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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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