Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation between U.S. Federal Statutory Tax Rate and Effective Tax Rate

A reconciliation between the U.S. federal statutory tax rate and the Company’s effective tax rate is summarized as follows:

	For the Year Ended December 31,
	2021			2020
Federal statutory rate		21.0	%		21.0	%
Tax credits		9.3	%		10.6	%
State taxes, net of federal tax benefit		8.6	%		8.0	%
Non-deductible expenses		(1.4	%)		(1.8	%)
Other		2.6	%		—	%
Change in valuation allowance		(40.1	%)		(37.8	%)
Effective income tax rate		—	%		—	%

Schedule of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities consist of the following:

	December 31,
	2021			2020
	(in thousands)
Deferred tax assets:
Net operating losses	$	100,417		$	72,838
R&D credits		51,705			39,888
Equity compensation		6,919			1,368
Operating lease liabilities		6,520			4,219
Accrued expense and other		2,072			1,914
Deferred revenue		1,189			8,251
Capitalized R&D costs		868			1,039
Total deferred tax assets		169,690			129,517
Deferred tax liabilities:
Right-of-use assets		(4,252	)		(1,611	)
Depreciation		(1,541	)		(2,115	)
Other		(503	)		(757	)
Total deferred tax liabilities		(6,296	)		(4,483	)
Valuation allowance		(163,394	)		(125,034	)
Net deferred taxes	$	—		$	—