Income Taxes (Table)

12 Months Ended

Dec. 31, 2022

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total benefit for income taxes for the years ended December 31, 2022 and 2021 is as follows:


	Year Ended December 31,
	2022		2021
Statutory federal income tax rate	21.0	%	21.0	%
State tax, net of federal benefit	2.7		0.7
Non-deductible stock compensation	(0.5)		—
Rate change	(1.1)		(0.2)
Change in fair value of tranche and warrant liabilities	—		(16.9)
Non-deductible expense	—		(0.1)
R&D credit	—		(0.3)
Other	—		0.1
Change in valuation allowance	(22.1)		(4.3)
Income tax provision (benefit)	0.0	%	0.0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets as of December 31, 2022 and 2021 were as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss	$	13,125	$	10,819
R&D credit	1,381		1,381
Capitalized R&D	6,788		—
Stock compensation	675		263
Accruals and other temporary differences	179		58
Gross deferred tax assets	22,148		12,521
Valuation allowance	(22,118)		(12,520)
Total deferred tax assets	30		1
Deferred tax liabilities:
Depreciation	(30)		(1)
Total deferred tax liabilities	(30)		(1)
Net deferred tax assets	$	—	$	—