Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities

Net deferred tax assets are comprised of the following as of December 31, 2022 and 2021 (in thousands):

	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	69,044		$	59,453
Capitalized research expenses		22,123			3,598
R&D and other tax credits		22,210			12,930
Stock-based compensation		8,168			5,899
Lease liability		648			1,125
Accrued expenses and other, net		4,208			3,309
Total deferred tax assets		126,401			86,314
Deferred tax liabilities:
Right-of use asset		(313	)		(531	)
Equity method investment		(140	)		(302	)
Net of deferred tax assets and liabilities		125,948			85,481
Less: valuation allowance		(125,948	)		(85,481	)
Net deferred tax assets	$	—		$	—

Schedule of Domestic and Foreign Pre-Tax Loss

Income tax benefit

For the three years in the period ended December 31, 2022, domestic and foreign pre-tax loss were (in thousands):

	Year ended December 31,
	2022			2021			2020
Loss before income taxes - Domestic	$	(163,175	)	$	(107,723	)	$	(71,769	)
Income (loss) before income taxes - Foreign		(743	)		82			(2,043	)
Loss before income taxes - Consolidated	$	(163,918	)	$	(107,641	)	$	(73,812	)

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations for the three years in the period ended December 31, 2022 is as follows (in thousands):

	Year ended December 31,
	2022			2021			2020
Expected income tax benefit at federal statutory rate	$	(34,423	)	$	(22,605	)	$	(15,417	)
State income tax benefit, net of federal benefit		(128	)		(7,083	)		(4,886	)
Tax effect of
Change in valuation allowance		39,733			34,495			22,242
R&D credit		(10,918	)		(7,117	)		(2,597	)
Stock-based compensation		781			1,196			539
Australian tax incentive		266			27			215
State rate change		3,243			(8	)		(5	)
Other		1,446			1,095			(91	)
Provision for income taxes	$	—		$	—		$	—

Schedule of Unrecognized Tax Benefits

Changes to the Company’s unrecognized tax benefits are summarized in the following table (in thousands):

	Year ended December 31,
	2022		2021			2020
Beginning balance	$	1,553	$	1,092		$	886
Increase (decrease) for prior year tax positions		837		(34	)		(163	)
Increase (decrease) for current year tax positions		1,720		495			369
Ending balance	$	4,110	$	1,553		$	1,092