INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate of the provision for income taxes differs from the federal statutory rate as follows:


	Year Ended December 31,
	2022		2021
Federal statutory income tax rate	21.0	%	21.0	%
Federal and state tax credits	1.6		1.5
State income taxes, net of federal benefit	4.2		8.3
Change in valuation allowance	(24.5)		(28.5)
Other permanent items	(0.8)		—




Section 382 limit	—		—
Stock-based compensation	(1.5)		(2.3)
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are presented below:


	Year Ended December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	46,000	$	40,992
Tax credits	3,803		1,686
Accruals and reserves	4,986		3,055
Stock-based expense	4,161		3,123
Start-up costs and amortized costs	9,460		5,013
IRC § 174 capitalized costs	18,252		—
Operating lease right-of-use asset, net	22		—

Total deferred tax assets	86,684		53,869
Valuation allowance	(86,602)		(53,430)
Net deferred tax assets	82		439

Deferred tax liabilities:
Unrealized gains/losses	(82)		—
Operating lease right-of-use asset, net	—		(439)
Total deferred tax liabilities	(82)		(439)
Total deferred tax assets, net	$	—	$	—