Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is summarized as follows:

	Year Ended December 31,
	2021		2020
Current	(000's)
Federal	$	—	$	22
State		—		10
Total	$	—	$	32
Deferred
Federal	$	—	$	—
State		—		—
Total income tax expense	$	—	$	32

Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate

The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows:

	December 31,
	2021			2020
Statutory rate		21.0	%		21.0	%
Income not subject to federal corporate income tax		0.0	%		-8.0	%
State taxes		2.1	%		6.4	%
Share-based compensation & other nondeductible expenses		-1.0	%		-0.5	%
Write-off of in-process R&D		-12.9	%		0.0	%
Research credits		0.8	%		0.0	%
Change in valuation allowance		-10.0	%		-19.0	%
Total		0.0	%		-0.1	%

Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are as follows:

	December 31,
	2021			2020
Deferred tax assets	(000's)
Net operating loss carryforwards	$	13,075		$	3,938
Research and development credits		2,716			2,038
Share-based compensation		706			609
Lease liabilities		1,131			—
Capitalized licensing fees		1,637			—
Other		22			126
Subtotal		19,287			6,711
Less valuation allowance		(18,113	)		(6,635	)
Deferred tax assets, net of valuation allowance		1,174			76
Deferred tax liabilities
Right-of-use assets		(1,116	)		—
Other		(58	)		(76	)
Net deferred tax assets	$	—		$	—