Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate

A reconciliation of the Company’s effective tax rate and federal statutory tax rate related to continuing operations is summarized as follows (in thousands):

	Years Ended December 31,
	2021			2020
Income tax expense (benefit) at statutory rates	$	(18,938	)	$	(6,538	)
State income tax, net of federal benefit		(5,865	)		(586	)
Permanent items		255			(14	)
Change in valuation allowance		28,219			7,373
Forfeiture of state operating losses		42			521
Stock-based compensation		751			82
Purchase price accretion		101			311
Return to provision adjustment		(84	)		293
Research and development tax credits		(4,481	)		(1,442	)
	$	—		$	—

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities related to continuing operations for federal and state income taxes are follows (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforward	$	32,373		$	11,333
Research tax credits		7,012			2,509
Accrued and other		1,980			543
Stock-based compensation		1,390			121
Total deferred tax assets		42,755			14,506
Less valuation allowance		(42,688	)		(14,477	)
Net deferred tax assets		67			29
Deferred tax liabilities:
Property and equipment		(67	)		(29	)
Total deferred tax liabilities		(67	)		(29	)
Net deferred tax assets	$	—		$	—

Summary of Gross Unrecognized Tax Benefits

The following table summarizes the activity in the Company’s gross unrecognized tax benefits (in thousands):

	December 31,
	2021			2020
Balance at beginning of period	$	697		$	300
Increase (decrease) related to prior year positions		(186	)		—
Increase related to current year positions		1,438			397
Balance at the end of the year	$	1,949		$	697