Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Differences between United States Statutory Federal Income Tax Rate and Effective Tax Rate

A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows:

	Year Ended December 31,
	2021			2020
Tax computed at the federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefits		1.3			5.1
Stock-based compensation		(2.6	)		(2.2	)
Tax exempt income		1.7			—
Deferred tax adjustments		—			(57.0	)
Nondeductible expenses		—			(0.1	)
Change in valuation allowance		(21.4	)		33.2
		—			—

Summary of Federal and State Income Tax Provision

The federal and state income tax provision is summarized as follows (in thousands):

	Year Ended December 31,
	2021		2020
Current
Federal	$	—	$	—
State		4		7
		4		7
Deferred
Federal		—		—
State		—		—
		—		—
Income tax expense	$	4	$	7

Significant Components of Deferred Tax Assets (Liabilities)

The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	9,706		$	3,720
Operating lease liabilities		556			691
Other accruals		71			101
Accrued compensation		399			448
Reserves		169			299
Deferred revenue		—			642
Intangible assets		56			32
Stock-based compensation		4,605			4,910
Total gross deferred tax assets		15,562			10,843
Deferred tax liabilities:
Property and equipment		(348	)		(805	)
Operating lease right-of-use assets		(518	)		(655	)
Other		—			(61	)
Total gross deferred tax liabilities		(866	)		(1,521	)
Valuation allowance		(14,696	)		(9,322	)
Total deferred taxes	$	—		$	—