Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	60,495		$	28,283
Research and development credits		11,240			4,753
Stock-based compensation		2,448			33
Accrued expense		1,290			—
Lease liabilities		485			—
Gross deferred tax assets		75,958			33,069
Less: valuation allowance		(75,371	)		(32,899	)
Total deferred tax asset		587			170
Deferred tax liability
Right-of-use assets		(476	)		—
Depreciation		(111	)		(170	)
Total deferred tax liabilities		(587	)		(170	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of the Federal Income tax Rate to Effective Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

	Year ended December 31,
	2021			2020
Federal tax benefit at statutory rate		(21.0	)%		(21.0	)%
State tax, net of federal benefit		(7.7	)		(6.5	)
Permanent differences		(3.5	)		1.2
Research and development		(5.8	)		(4.4	)
Change in valuation allowance		38.0			30.7
		—	%		—	%

Schedule of Federal and State Net Operating Losses and Research Tax Credits

The following table summarizes carryforwards of federal and state net operating losses (“NOL”) and research tax credits:

	December 31,
(in thousands)	2021		2020
NOL carryforwards - Federal	$	217,038	$	101,471
NOL carryforwards - State		217,038		101,471
Research tax credits - Federal		11,206		4,720
Research tax credits - State		43		43