Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:

	Year Ended December 31,
	2022			2021
Income tax computed at federal statutory rate %		21.0	%		21.0	%
State taxes, net of federal benefit		5.6			5.7
Change in valuation allowance		(26.6	)		(27.7	)
Research and development credit carryovers		1.7			1.9
Permanent differences		(1.7	)		(0.9	)
Effective income tax rate %		0.0	%		0.0	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	13,108		$	12,918
Intangibles		69			75
Tax credit carryforwards		3,674			1,648
Derivative		1,455			1,577
Stock-based compensation		2,645			1,003
Reserves and accruals		1,105			804
Capitalized research expenditures		20,059			—
License fees		14,235			7,716
Operating lease liability		5,107			45
Other		29			25
Total deferred tax assets before valuation allowance		61,486			25,811
Less: valuation allowance		(57,812	)		(25,748	)
Total deferred tax assets	$	3,674		$	63
Deferred tax liabilities:
Operating lease ROU assets		(3,674	)		(63	)
Net deferred tax asset	$	—		$	—