Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

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

	For the Year Ended December 31,
	2022				2021				2020
Expected income tax benefit at the federal statutory rate		21.0		%		21.0		%		21.0		%
State and local taxes		5.6				3.2				(2.6	)
Return to provision adjustments		3.4				—				—
Research and development credits		2.1				(4.1	)			12.5
Stock-based compensation		(3.8	)			—				(13.6	)
Foreign derived intangible income		-				(6.1	)			—
Uncertain tax positions		(0.2	)			4.3				—
Other		0.3				(1.4	)			—
Change in valuation allowance		(25.3	)			(4.4	)			(17.3	)
Total		3.1		%		12.5		%		0.0		%

Summary of Principal Components of Deferred Tax Assets

The principal components of the Company’s deferred tax assets consisted of the following:

	December 31,
	2022			2021
Deferred tax assets (liabilities)
Capitalized research and development	$	14,305		$	—
Net operating loss carryforwards		5,590			—
License agreement		6,043			6,261
Stock-based compensation		12,215			5,643
Research and development credits		3,826			—
Other		70			256
Prepaid expenses		(893	)		(1,256	)
Deferred tax assets (liabilities)		41,156			10,904
Less: valuation allowance		(41,156	)		(10,904	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Reconciliation of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for the year ended December 31, 2022:

Balance beginning of year	$	5,932
Decrease related to current year provision to return adjustment		(943	)
Increase related to accrued interest		266
Balance at end of period	$	5,255