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Income Taxes (Tables)

12 Months Ended

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

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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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