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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Noncurrent deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 51,777 |  |  | $ | 45,472 |
Contribution carryforwards |  |  | 26 |  |  |  | 34 |
Lease liability |  |  | 1,671 |  |  |  | 2,116 |
Deferred revenue |  |  | 5,681 |  |  |  | 20,337 |
Capitalized R&D costs |  |  | 31,282 |  |  |  | 28,732 |
Other assets |  |  | 14,845 |  |  |  | 14,962 |
Tax credits |  |  | 33,701 |  |  |  | 30,757 |
Less: valuation allowance |  |  | (136,872 | ) |  |  | (139,133 | )
Total deferred tax assets, noncurrent |  |  | 2,111 |  |  |  | 3,277 |
Noncurrent deferred tax liability: |  |  |  |  |  |
Investments and other |  |  | 577 |  |  |  | — |
Deferred gain - Imugene |  |  | — |  |  |  | 1,303 |
Right of use asset |  |  | 1,534 |  |  |  | 1,974 |
Total deferred tax liabilities, noncurrent |  |  | 2,111 |  |  |  | 3,277 |
Net deferred tax assets |  | $ | — |  |  | $ | — |
Reconciliation of Federal Statutory Income Tax Rate and Income Tax Benefit | The reasons for the difference between actual income tax benefit for the years ended December 31, 2024 and December 31, 2023 and the amount computed by applying the statutory federal income tax rate to losses before income tax benefit are as follows (in thousands):
|  | Year Ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
|  | Amount |  |  | % of Pre-Tax Loss |  |  | Amount |  |  | % of Pre-Tax Loss |
Income tax expense at statutory rate |  | $ | 1,501 |  |  |  | 21.0 | % |  | $ | (12,877 | ) |  |  | 21.0 | %
State income taxes, net of federal tax benefit |  |  | 46 |  |  |  | 0.6 | % |  |  | (1,774 | ) |  |  | 2.9 | %
Non-deductible expenses |  |  | 97 |  |  |  | 1.4 | % |  |  | 81 |  |  |  | 0.0 | %
Stock compensation - nondeductible |  |  | 1,032 |  |  |  | 14.4 | % |  |  | 681 |  |  |  | (1.2 | %)
Stock compensation - forfeitures |  |  | 1,136 |  |  |  | 15.9 | % |  |  | 3,176 |  |  |  | (5.2 | %)
Change in fair value |  |  | (6,507 | ) |  |  | (91.1 | %) |  |  | 4 |  |  |  | 0.0 | %
Change in state impact on IRC section 174 |  |  | (553 | ) |  |  | (7.7 | %) |  |  | — |  |  |  | — |
R&D and orphan drug credits |  |  | (2,944 | ) |  |  | (41.2 | %) |  |  | (6,078 | ) |  |  | 9.9 | %
Other |  |  | (11 | ) |  |  | (0.1 | %) |  |  | 657 |  |  |  | (1.1 | %)
Change in state tax rate |  |  | 8,464 |  |  |  | 118.4 | % |  |  | (1,632 | ) |  |  | 2.7 | %
Change in valuation allowance |  |  | (2,261 | ) |  |  | (31.6 | %) |  |  | 17,762 |  |  |  | (29.0 | %)
Income tax (benefit) expense |  | $ | — |  |  |  | 0.0 | % |  | $ | — |  |  |  | 0.0 | %

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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