Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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


	Years Ended December 31,
	2022		2021
Current tax provision:
Current federal provision	$	—	$	—
Current state provision	—		—
Total current provision	—		—
Deferred tax provision:
Deferred federal provision	—		—
Deferred state provision	—		—
Total tax provision	$	—	$	—

Schedule of effective income tax rate reconciliation

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,
	2022		2021
Income tax benefit computed at federal statutory tax rate	21.0	%	21.0	%
State tax—net of federal	8.0	%	6.0	%
Federal credits	1.4	%	3.1	%
State credits	0.1	%	1.7	%
Other permanent differences	(0.8)	%	(0.3)	%
Stock-based compensation	(3.0)	%	(1.3)	%


Valuation allowance	(26.7)	%	(30.2)	%
Total	—	%	—	%

Schedule of deferred tax assets and 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,
	2022		2021
Deferred tax assets:
Net operating losses	$	54,300	$	46,339
Capitalized Research and Experimental Expenditures	27,568		—
Operating lease liability	21,443		9,290
R&D and investment tax credits	11,519		9,560
Deferred revenue	8,457		15,053
Stock-based compensation	6,296		3,675
Unrealized gain/loss	1,090		195
Capitalized start-up costs	699		875
Other	354		426
Total gross deferred tax assets	131,726		85,413
Deferred tax liabilities:
Right-of-use asset	(19,868)		(9,242)
Fixed assets	(1,738)		(725)

Less: valuation allowance	(110,120)		(75,446)
Net deferred taxes	$	—	$	—