Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Income tax computed at federal statutory rate %		21.00	%		21.00	%
State taxes, net of federal benefit		5.70			5.60
Change in valuation allowance		(27.70	)		(27.90	)
Research and development credit carryovers		1.90			1.50
Permanent differences		(0.90	)		(0.20	)
Effective income tax rate %		0.00	%		0.00	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2021 and 2020 are as follows (in thousands):

	Year Ended December 31,
	2021			2020
Deferred tax assets:
Net operating losses	$	12,918		$	3,515
Intangibles		75			47
Tax credit carryforwards		1,648			187
Derivative		1,577			—
Stock based compensation		1,003			—
Reserves and accruals		804			257
License fees		7,716			252
Other		70			299
Total deferred tax assets before valuation allowance		25,811			4,557
Less: valuation allowance		(25,748	)		(4,343	)
Total deferred tax assets	$	63		$	214
Deferred tax liabilities:
Operating lease right-of-use assets		(63	)		(214	)
Net deferred tax asset	$	—		$	—