Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Losses before Provision for Income Taxes

The Company’s losses before provision for income taxes are as follows (in thousands):
 

	Year Ended December 31,
	2022			2021
U.S. loss before taxes	$	(142,661	)	$	(84,217	)
Foreign income before taxes		590			266
Loss before income taxes	$	(142,071	)	$	(83,951	)

Schedule of Components of Income Tax (Expense) Benefit

The income tax (expense) benefit applicable to income before income taxes consists of the following:

	Year Ended December 31,
	2022			2021
Current income taxes:
State	$	18		$	—
Foreign		157			37
Total current		175			37
Deferred taxes:
Federal		(5,503	)		—
State		(1,078	)		—
Total deferred		(6,581	)		—
Income tax (benefit) expense	$	(6,406	)	$	37

Summary of Reconciliation of Federal Statutory Income Tax Rate

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

	Year Ended December 31,
	2022				2021
Federal statutory income tax rate		21.00		%		21.00		%
State tax		7.40				1.32
Permanent differences		(0.65	)			(1.70	)
Other		(0.93	)			0.02
Executive compensation		(2.99	)			—
Global intangible low-taxed income		(1.43	)			—
Tax credits		4.96				7.72
Change in valuation allowance		(22.85	)			(28.41	)
Total tax benefit		4.51		%		(0.05	)	%

Significant Components of Deferred Taxes

The significant components of the Company’s deferred taxes are as follows (in thousands):

	December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	34,522		$	31,819
Tax credit carryforwards		26,747			18,501
Capitalized research and development		23,569			—
Stock-based compensation		6,726			5,815
Intangibles		4,733			10,277
Accrued expenses		3,527			4,027
Interest limitation attributes		3,127			—
Lease liability		460			543
Total deferred tax assets		103,411			70,982
Deferred tax liabilities:
Operating lease right-of-use assets		(272	)		(319	)
Fixed assets		(100	)		(138	)
Total deferred tax liabilities		(372	)		(457	)
Valuation allowance		(103,039	)		(70,525	)
Net deferred tax assets	$	—		$	—

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2022		2021
Balance at beginning of year	$	6,399	$	3,933
(Decrease) related to prior year tax positions		—		—
Increases related to current year tax positions		2,855		2,466
Balance at end of year	$	9,254	$	6,399