Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company recorded a provision of $120 for federal or state income taxes for the three and six months ended June 30, 2022. The Company maintained a full valuation allowance as of June 30, 2022 due to uncertainty regarding ability to utilize deferred tax assets.

The Company recorded a provision for income taxes of $7,200 for the three and six months ended June 30, 2021. The tax expense recorded in the three months ended June 30, 2021 was due to the application of a year-to-date effective tax rate rather than an annual effective rate estimated for the entire year as the Company determined that using a year-to-date approach resulted in a better estimate of its income tax expense/benefit. The Company used a year-to-date effective tax rate during the quarter ended June 30, 2021 due to a change in forecast resulting in the Company anticipating a federal and state taxable income for the year, while maintaining a full valuation allowance on its net deferred tax assets.

For the three and six months ended June 30, 2021, the Company utilized deferred tax assets, consisting of net operating loss carryforwards and research and development credits, in the amount of $17,100 to offset taxable income.