Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):

	Year Ended			Year Ended
	December 31,			December 31,
	2022			2021
U.S. operations	$	(102,354	)	$	(58,517	)
Non-U.S. operations		100			100
Loss before income taxes	$	(102,254	)	$	(58,417	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2022 and 21% for the year ended December 31, 2021, to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended			Year Ended
	December 31,			December 31,
	2022			2021
Income tax benefit at statutory rate	$	(21,473	)	$	(12,268	)
State income taxes, net of federal benefit		(5,932	)		(2,890	)
Non-U.S. income tax rate differential		—			—
Change in fair value of derivative		—			—
Change in federal tax rate		—			—
Research and development tax credits		(1,034	)		(693	)
Permanent items		1,514			729
Changes in valuation allowance		26,083			15,748
Other, net		842			(626	)
Income tax benefit	$	—		$	—

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	88,584	$	84,026
Capitalized R&D		12,226		—
Deferred revenue		4,033		4,270
Lease liability		1,793		722
Stock-based compensation		9,461		7,822
Tax credits		6,916		5,446
Other		3,433		3,005
Total deferred tax assets		126,446		105,291
Deferred tax liabilities:
Intangible assets		—		5,963
Right-of-use assets		1,650		615
Total deferred tax liabilities		1,650		6,578
Deferred tax assets, net		124,796		98,713
Valuation allowance		124,796		98,713
Total deferred tax liability	$	—	$	—