Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of reconciliation of U.S. federal statutory income tax rate to effective income tax rate

	Year Ended December 31,
	2021		2020
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	6.1		6.2
Federal and state research and development tax credits	3.9		4.0
Non-deductible items	(0.3)		(0.2)
Change in deferred tax asset valuation allowance	(30.7)		(31.0)
Effective income tax rate	—	%	—	%

Schedule of net deferred tax assets

Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands):

		December 31,
		2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	25,124	$	11,214
Research and development tax credit carryforwards		3,237		1,236
Intangible assets		761		432
Salaries and wages		—		313
Stock compensation		430		80
Other		137		76
Total deferred tax assets		29,689		13,351
Deferred tax liabilities:
Property and equipment		(261)		(111)
Prepaid expenses		(485)		—
Total deferred tax liabilities		(746)		(111)
Valuation allowance		(28,943)		(13,240)
Net deferred tax assets	$	—	$	—