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Income Taxes (Tables)

12 Months Ended

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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- References

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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

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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

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