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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of Components of the Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses carry forward |  | $ | 47,875 |  |  | $ | 41,698 |
Deferred revenue |  |  | 8,217 |  |  |  | 8,219 |
Share-based compensation |  |  | 1,572 |  |  |  | 1,512 |
Research and development/orphan drug credits |  |  | 23,296 |  |  |  | 20,509 |
Capitalized research and development expenses |  |  | 20,664 |  |  |  | 18,684 |
Others |  |  | (11 | ) |  |  | (57 | )
Less: valuation allowance |  |  | (101,613 | ) |  |  | (90,565 | )
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, 2024 and 2023 are as follows:
(in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
Federal statutory income taxes |  | $ | (8,031 | ) |  |  | (21.0 | )% |  | $ | (10,252 | ) |  |  | (21.0 | )%
State income taxes |  |  | (1,275 | ) |  |  | (3.3 | )% |  |  | (1,743 | ) |  |  | (3.6 | )%
Deferred true-up |  |  | 259 |  |  |  | 0.7 | % |  |  | 176 |  |  |  | 0.4 | %
Research and development/orphan drug tax credit |  |  | (2,787 | ) |  |  | (7.3 | )% |  |  | (3,263 | ) |  |  | (6.7 | )%
Other |  |  | 788 |  |  |  | 2.0 | % |  |  | 608 |  |  |  | 1.2 | %
Change in valuation allowance |  |  | 11,046 |  |  |  | 28.9 | % |  |  | 14,474 |  |  |  | 29.7 | %
Provision for income tax |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |

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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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