Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of reconciliation of income tax rates

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations as of December 31, 2021, 2020 and 2019 are as follows:


	2021		2020		2019
Income tax computed at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	6.3	%	6.7	%	6.1	%
Permanent differences	(0.2)	%	1.2	%	(2.0)	%

General business credits	3.8	%	3.4	%	10.3	%
Stock compensation	0.1	%	—	%	—	%
Impact of ownership shift	—	%	—	%	(53.3)	%
Change in valuation allowance	(31.0)	%	(32.3)	%	17.9	%
	—	%	—	%	—	%

Schedule of significant components of net deferred tax assets

Significant components of the Company’s net deferred tax assets as of December 31, 2021 and 2020 are as follows:


	2021		2020
Deferred tax assets:
Net operating losses	$	106,055	$	64,259
Tax credit carryforwards	12,424		5,670
Accrued expenses	6,892		4,058
Lease liabilities	3,698		3,166
Licensed technology	2,775		1,534
Deferred revenue	1,076		1,088
Depreciation	493		502

Other	71		84
Total gross deferred tax assets	133,484		80,361
Valuation allowance	(130,051)		(77,375)
Net deferred tax assets less valuation allowance	3,433		2,986
Deferred tax liabilities
Right-of-use assets	(3,433)		(2,986)
Total gross deferred tax liabilities	(3,433)		(2,986)
Net deferred taxes	$	—	$	—