Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Deferred Tax Assets

The significant components of the Company’s deferred tax assets are comprised of the following (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	45,592		$	32,827
Research and development credits		2,489			656
Licenses		13			16
Stock based compensation		1,579			1,205
Operating lease liabilities		143			170
Other		51			512
Total gross deferred tax assets		49,867			35,386
Less: Valuation allowance		(49,744	)		(35,216	)
Net deferred tax assets		123			170
Deferred tax liabilities:
Operating lease assets		(123	)		(170	)
Total gross deferred tax liabilities		(123	)		(170	)
Net deferred taxes	$	—		$	—

Summary of Change in Valuation Allowance

The following table presents the Company’s change in valuation allowance for the year ended December 31, 2020 and 2019:

	December 31,
	2021		2020
Valuation allowance at the beginning of the year	$	35,216	$	51,800
Change for current period		14,528		(16,584	)
Valuation allowance at the end of the year	$	49,744	$	35,216

Reconciliation of Income Taxes Computed at Statutory Federal Income Tax Rate to Income Taxes Reflected In Financial Statements

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the financial statements is as follows:

	2021			2020			2019
Income tax computed at federal statutory tax rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		5.9	%		5.7	%		6.1	%
Research and development and other tax credits		3.8	%		3.7	%		4.9	%
Stock based compensation		(0.6	)%		(1.0	)%		(0.6	)%
Federal net operating loss - Section 382 Limitation		—	%		(28.1	%)		—	%
Federal tax credit - Section 382 Limitation		—	%		(19.3	%)		—	%
State tax net operating loss - Section 382 Limitation		—	%		(25.5	%)		—	%
State tax credit - Section 382 Limitation		—	%		(7.0	%)		—	%
Other		(0.2	%)		—	%		—	%
Change in deferred tax asset valuation allowance		(29.9	)%		50.5	%		(31.4	)%
		0.0	%		—	%		—	%