Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

For financial reporting purposes, loss before provision for income taxes, includes the following components (in thousands):

	Year Ended December 31,
	2021		2020
Domestic	$	130,313	$	63,406
Foreign		10		6
Loss before income taxes	$	130,323	$	63,412

Reconciliation of Income Tax Computed at Federal Statutory Rates to Provision for Income Taxes

Reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes was as follows (in thousands):

	Year Ended December 31,
	2021			2020
Tax provision at U.S. statutory rate	$	(27,368	)	$	(13,316	)
Stock-based compensation		794			426
R&D tax credits		(2,392	)		(1,031	)
Change in valuation allowance		25,911			13,906
Section 382 limitations		2,922			—
Other		133			15
Provision for income taxes	$	—		$	—

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2021			2020
Deferred Tax Assets:
Net operating loss carryforwards	$	57,073		$	36,922
Research and development credits		7,367			6,246
Other intangibles		5			5
Accruals and reserves		686			583
Stock-based compensation		3,041			995
Tenant improvement allowances		—			257
Lease liabilities		7,340			—
Unrealized gain/loss on investments		240			—
Total gross deferred tax assets		75,752			45,008
Less: valuation allowance		(69,147	)		(44,745	)
Total deferred tax assets, net	$	6,605		$	263
Deferred Tax Liabilities:
Fixed assets	$	(2,290	)	$	(263	)
Right-of-use assets		(4,315	)		—
Total gross deferred tax liabilities		(6,605	)		(263	)
Net deferred tax assets	$	—		$	—

Unrecognized Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2021			2020
Beginning balance	$	1,576		$	1,116
Decreases based on tax positions related to    prior year		(789	)		—
Additions based on tax positions related to    current year		1,007			460
Ending balance	$	1,794		$	1,576