Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income tax (benefit) expense consists of the following (in thousands):

	Years Ended December 31,
	2021		2020			2019
Current tax provision:
Current federal provision	$	—	$	(673	)	$	669
Current state provision		—		47			135
Total current provision		—		(626	)		804
Deferred tax provision:
Deferred federal provision		—		—			—
Deferred state provision		—		—			—
Total tax provision	$	—	$	(626	)	$	804

Summary of Reconciliation of Expected Income Tax (Benefit) Expense

A reconciliation of the expected income tax (benefit) expense computed at the statutory federal rate to income taxes as reflected in the consolidated financial statements was as follows:

	Years Ended December 31,
	2021			2020			2019
Income tax benefit computed at federal statutory tax rate		21.0	%		21.0	%		21.0	%
Stock-based compensation		(1.3	)%		(0.1	)%		(0.4	)%
State tax—net of federal		6.0	%		11.2	%		6.5	%
State credits		1.7	%		1.2	%		0.6	%
Federal credits		3.1	%		3.5	%		1.1	%
Valuation allowance		(30.2	)%		(34.1	)%		(32.1	)%
Net operating loss carryback benefits		—			1.0	%		—
Tax attributes true up due to net operating loss carryback		—			(1.0	)%		—
Other permanent differences		(0.3	)%		(1.8	)%		0.9	%
Total		0.0	%		0.9	%		(2.4	)%

Summary of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax

credit carryforwards. Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows (in thousands):

	As of December 31,
	2021			2020
Deferred tax assets:
Capitalized start-up costs	$	875		$	1,075
Operating lease liability		9,290			3,859
Stock-based compensation		3,675			1,344
Net operating losses		46,339			19,399
R&D and investment tax credits		9,560			5,578
Unrealized gain/loss		195			—
Deferred revenue		15,053			23,157
Other		426			168
Total gross deferred tax assets		85,413			54,580
Deferred tax liabilities:
Right-of-use asset		(9,242	)		(3,967	)
Fixed assets		(725	)		(744	)
Unrealized gain/loss		—			(3	)
Less: valuation allowance		(75,446	)		(49,866	)
Net deferred taxes	$	—		$	—