Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company’s Effective Income Tax Rate

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

	Year Ended December 31,
	2022		2021
Income tax computed at federal statutory rate	21.0	%	21.0	%
State taxes, net of federal tax benefit	7.3	%	7.7	%
General business credit—federal	3.6	%	5.3	%
Stock-based compensation	(1.0)	%	(0.7)	%
Other permanent differences	(0.4)	%	(0.1)	%
Change in valuation allowance	(30.5)	%	(33.2)	%
Effective income tax rate	0.0	%	—	%

Summary of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consisted of the following (in thousands):

	December 31,
	2022		2021
Deferred tax assets:
Net operating losses	$	65,689	$	51,554
Research and development credits	19,688		13,989
Accrued expenses	387		292
Other	1,706		775
Capitalized research and development	13,900		—
Lease liability	1,638		2,000
Stock based compensation	5,073		1,816
Total deferred tax assets	108,081		70,426
Deferred tax liabilities:
Fixed asset basis	$	(258)	$	(61)
Prepaid expenses	(630)		(921)
Right of use asset	(1,509)		(1,760)
Total deferred tax liabilities	(2,397)		(2,742)
Valuation allowance	105,684		67,684
Net deferred taxes	$	—	$	—

Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards were as follows (in thousands):

	December 31, 2022		Expiration Year
Net operating losses, federal (starting from January 1, 2018)	$	190,697	Does not expire
Net operating losses, federal (before January 1, 2018)	$	29,486	2035-2037
Net operating losses, state	$	278,930	2035-2042
Tax credits, federal	$	20,193	2036-2042
Tax credits, state	$	5,587	Does not expire

Summary of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2022 and 2021 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):

	Year Ended December 31,
	2022		2021
Valuation allowance at the beginning of the year	$	67,684	$	35,441
Increases recorded to income tax provision	38,000		32,243
Valuation allowance at the end of the year	$	105,684	$	67,684

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2022		2021
January 1	$	3,505	$	2,007
Additions based on tax positions related to current year	1,547		1,081
Additions for tax positions of prior year	144		417
December 31	$	5,196	$	3,505