Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Federal Statutory Income Tax Rate and the Company's Effective Income Tax Rate

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

	Year Ended December 31,
	2022			2021			2020
Federal statutory income tax rate		(21.0	)%		(21.0	)%		(21.0	)%
State income taxes		(8.3	)		(16.6	)		(7.4	)
Research and development tax credits		(5.3	)		(8.7	)		(1.8	)
Stock-based compensation		(0.1	)		(16.8	)		(1.3	)
162m		0.1			0.2			-
In-process research and development		2.5			-			-
Change in valuation allowance		32.1			62.9			31.5
Effective income tax rate		—	%		—	%		—	%

Summary of Company's Net Deferred Tax Assets (Liabilities)

The Company’s net deferred tax assets (liabilities) consisted of the following:

	December 31,
	2022			2021
	(in thousands)
Deferred tax assets:
Intangibles, including acquired in-process    research and development	$	79,803		$	1,010
Capitalized start-up costs		296			334
Net operating loss carryforwards		229,375			216,629
Research and development credit carryforwards		101,326			61,698
Operating lease liability		35,386			20,055
Deferred revenue		13,189			13,922
Equity-based compensation		22,512			7,774
Accruals and allowances		4,968			3,718
Prepaid rent		1,367			1,393
Equity investment adjustments		3,358			359
Gross deferred tax assets		491,580			326,892
Deferred tax asset valuation allowance		(454,793	)		(304,781	)
Total deferred tax assets		36,787			22,111
Deferred tax liabilities:
Fixed assets		(759	)		(669	)
Operating lease right-of-use assets		(36,028	)		(21,442	)
Total deferred tax liabilities		(36,787	)		(22,111	)
Net deferred tax asset (liability)	$	-		$	-