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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:

(in thousands)		2023				2022
Deferred tax assets:
Net operating losses carry forward		$	41,698			$	44,233
Deferred revenue			8,219				-
Share-based compensation			1,512				1,334
Research and development/orphan drug credits			20,509				17,247
Capitalized research and development expenses			18,684				13,210
Others			(57	)			69
Less: valuation allowance			(90,566	)			(76,093	)
Deferred tax assets, net		$	-			$	-

Schedule of U.S. Federal Statutory Rates

The difference between the income tax provision and the amount that would result if the U.S. Federal statutory rates were applied to pre-tax losses for the year ended December 31, 2023 and 2022 are as follows:

(in thousands)		December 31, 2023								December 31, 2022
Federal statutory income taxes		$	(10,252	)			(21.0	)%		$	(6,943	)			(21.0	)%
State income taxes			(1,743	)			(3.6	)%			(4,863	)			(14.7	)%
Deferred true-up			176				0.4	%			89				0.3	%
Research and development/orphan drug tax credit			(3,263	)			(6.7	)%			(2,711	)			(8.2	)%
Other			608				1.2	%			934				2.8	%
Change in valuation allowance			14,474				29.7	%			13,494				40.8	%
Provision for income tax		$	-				-			$	-				-

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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