Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Reconciliation of Statutory Federal Income Tax

A reconciliation of the statutory federal income tax with the provision for income taxes are as follows:


	Year Ended December 31,
	2022		2021
Federal tax at statutory rate	21.0	%	21.0	%
State income tax, net of federal benefit	1.8		0.5
Nondeductible interest	—		(0.1)
Other permanent items	(0.1)		0.4
Officers Compensation	(1.7)		—
Nondeductible impairment	—		(13.8)
Research credit	2.4		0.9
Change in valuation allowance	(23.4)		(8.9)
Effective tax rate	—	%	—	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (amounts in thousands):


	As of December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	38,548	$	34,228
Research and development tax credits	5,168		3,732
Section 174 capitalized research expense	5,417		—
Other	4,219		1,214
Total deferred tax assets	53,352		39,174
Valuation allowance	(52,766)		(38,410)
Total gross deferred tax assets, net of valuation allowance	586		764
Deferred tax liabilities:
Other	(586)		(764)
Total gross deferred tax liabilities	(586)		(764)
Net deferred tax assets / (liabilities)	$	—	$	—

Summary of Changes to Gross Unrecognized Tax Benefits

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2022 and 2021 (amounts in thousands):


	As of December 31,
	2022		2021
Balance at the beginning of year	$	2,674	$	2,404
Decrease related to prior year positions	2		(24)
Increase related to current year positions	704		294
Balance at the end of year	$	3,380	$	2,674