Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Reconciliation of US Statutory Income Tax Rate to the Company's Effective Tax Rate

The reconciliation of the US statutory income tax rate to the Company’s effective tax rate for the years ended December 31, 2021 and 2020 is as follows:

	YEAR ENDED DECEMBER 31,
	2021			2020
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		8.5			7.4
Federal and state research and development credits		5.9			2.7
Executive Compensation		(0.7	)		(0.3	)
Non-deductible items		(0.1	)		(0.1	)
Stock Compensation		(1.5	)		(0.8	)
Change in valuation allowance		(33.2	)		(30.0	)
Other		0.1			0.1
Effective income tax rate		—	%		—	%

Summary of Significant Components of Company's Deferred Tax Assets and Liabilities

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

	YEAR ENDED DECEMBER 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	51,672		$	37,609
Capitalized license and research and development payments		7,786			8,393
Research and development credits		15,062			11,910
Deferred revenue		11,919			17,117
Lease Liabilities		10,105			10,519
Accrued bonus		1,085			1,053
Stock compensation		4,344			3,335
Other temporary differences		289			349
Total deferred tax assets		102,262			90,285
Valuation allowance		(93,091	)		(80,758	)
Deferred tax assets		9,171			9,527
Deferred tax liabilities:
Right of use asset		(5,996	)		(6,007	)
Depreciation		(3,175	)		(3,520	)
Net deferred taxes	$	—		$	—