Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Tax Rates

A reconciliation of the effective tax rate for the years ended December 31, 2022 and 2021 is as follows:

	2022		2021
Statutory US Federal Rate	21.0	%	21.0	%
State taxes, net of federal benefit	5.7	%	6.3	%
Permanent differences	(0.1)	%	(0.2)	%
General business credits	4.4	%	3.8	%
Stock compensation	(1.4)	%	0.1	%
Change in valuation allowance	(29.6)	%	(31.0)	%
	—	%	—	%

Schedule of Significant Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows:

(in thousands)	2022		2021
Deferred tax assets:
Net operating losses	$	113,981	$	106,055
R&D capitalization	40,380		—
Tax credit carryforwards	21,429		12,424
Stock-based compensation	6,522		5,018
Accrued expenses	3,340		1,874
Lease liabilities	3,096		3,698
Capitalized licenses	3,077		2,775
Deferred revenue	1,062		1,076
Depreciation	437		493
Other	116		71
Total gross deferred tax assets	193,440		133,484
Valuation allowance	(190,588)		(130,051)
Net deferred tax assets less valuation allowance	2,852		3,433
Deferred tax liabilities
Right-of-use assets	(2,852)		(3,433)
Total gross deferred tax liabilities	(2,852)		(3,433)
Net deferred taxes	$	—	$	—