Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

Provision for income taxes consists of the following:

	For the Year Ended December 31,
	2022		2021
	(in thousands)
Federal tax provision:
Current	$	698	$	—
Deferred		—		—
Total federal tax provision		698		—
State tax provision:
Current		17		—
Deferred		—		—
Total state tax provision		17		—
Total tax provision	$	715	$	—

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

A reconciliation between the U.S. federal statutory tax and the Company’s tax provision is summarized below. The Company has changed the presentation of its rate reconciliation from percentages to dollar amounts in the current year.

	For the Year Ended December 31,
	2022			2021
	(in thousands)
Federal statutory tax	$	(901	)	$	(20,111	)
Tax credits		(13,955	)		(8,940	)
State taxes, net of federal tax benefit		(2,994	)		(8,240	)
Non-deductible expenses		875			1,331
Other		1,410			(2,401	)
Change in valuation allowance		16,280			38,361
Tax provision	$	715		$	—

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,
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating losses	$	76,735		$	100,417
R&D credits		66,761			51,705
Equity compensation		7,888			6,919
Operating lease liabilities		8,003			6,520
Accrued expense and other		1,479			2,072
Deferred revenue		314			1,189
Capitalized R&D costs		24,477			868
Total deferred tax assets		185,657			169,690
Deferred tax liabilities:
Right-of-use assets		(5,583	)		(4,252	)
Depreciation		(171	)		(1,541	)
Other		(251	)		(503	)
Total deferred tax liabilities		(6,005	)		(6,296	)
Valuation allowance		(179,652	)		(163,394	)
Net deferred taxes	$	—		$	—

Schedule of valuance allowance

A roll forward of the valuation allowance is as follows:

	Valuation
	Allowance
	(in thousands)
Balance at December 31, 2021	$	(163,394	)
Utilization of net operating losses against taxable income		23,654
Increase in net deferred taxes		(39,912	)
Balance at December 31, 2022	$	(179,652	)