Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of temporary differences that give rise to deferred tax assets and liabilities

Temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):

	For the years ended December 31,
	2021			2020			2019
Deferred Tax Liabilities
Unrealized gains on investments	$	—		$	14		$	62
Total Deferred Tax Liabilities	$	—		$	14		$	62
Deferred Tax Assets
Charitable contributions	$	53		$	51		$	15
Accrued expenses		1,857			1,318			759
Intangibles		783			883			983
Stock compensation		24,335			16,812			10,943
Property, plant & equipment		80			68			13
Unrealized loss on investment		23			—			—
Net operating losses		47,864			27,933			17,635
Capitalized R&D		112,848			71,128			29,364
R&D credit		23,799			14,205			6,141
Total deferred tax assets before valuation allowance		211,642			132,398			65,853
Valuation allowance		(211,642	)		(132,384	)		(65,791	)
Total deferred tax assets		—			14			62
Net deferred tax assets	$	—		$	—		$	—

Schedule of differences between the effective income tax rate and the US statutory rate

Differences between the effective income tax rate and the US statutory rate were as follows (in thousands):

	For the years ended December 31,
	2021			2020			2019
Tax benefit at U.S. federal statutory rate	$	(50,788	)	$	(42,471	)	$	(17,629	)
Stock based compensation		—			(68	)		(47	)
Other nondeductible expenses		5			1			14
State income taxes benefit before valuation allowance, net of federal benefit		(19,622	)		(16,580	)		(6,613	)
Increase in domestic valuation allowance		79,258			66,593			26,843
Research and development credit		(9,002	)		(7,472	)		(2,636	)
Other adjustments		149			(3	)		68
Income tax expense (benefit)	$	—		$	—		$	—