Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income taxes

Schedule of reconciliation of the federal income tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

	Year ended
	December 31,
	2021		2020
Federal tax benefit at statutory rate	21.0	%	21.0	%
State tax, net of federal benefit	8.0		5.8
Research and development credits	2.4		0.9
Permanent differences	0.3		(6.8)
Change in valuation allowance	(31.7)		(20.9)
	—	%	—	%

Schedule of Components of the Company's deferred taxes

The components of the Company’s deferred taxes are as follows (in thousands):

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	19,925	$	13,693
Research and development credits		2,157		1,560
Share-based compensation		886		82
Accrued bonus		331		201
Amortization		1		2
Gross deferred tax assets		23,300		15,538
Less: valuation allowance		(23,255)		(15,435)
Net deferred tax asset		45		103
Deferred tax liability
Depreciation		(45)		(103)
Total deferred tax liabilities	$	—	$	—