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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate

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

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Taxes at U.S. statutory rate

 

21.0

%

 

 

21.0

%

Changes from statutory rate:

 

 

 

 

 

State taxes, net of federal benefit

 

8.3

%

 

 

7.8

%

Tax credits

 

4.1

%

 

 

3.8

%

Share-based compensation

 

-1.0

%

 

 

-0.3

%

Change in valuation allowance

 

-32.4

%

 

 

-32.3

%

Effective income tax rate

 

0.0

%

 

 

0.0

%

Summary of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

Net operating loss carryforwards

$

18,742

 

 

$

4,755

 

Tax credits

 

5,319

 

 

 

2,087

 

Deferred revenue

 

3,526

 

 

 

5,312

 

Depreciation and amortization

 

411

 

 

 

105

 

Amortization

 

571

 

 

 

617

 

Stock-based compensation

 

99

 

 

 

40

 

Leasehold liability

 

1,651

 

 

 

2,031

 

Other

 

688

 

 

 

664

 

Total deferred tax assets

 

31,007

 

 

 

15,611

 

Deferred tax liabilities:

 

 

 

 

 

Right of use Asset

 

(1,500

)

 

 

(1,878

)

Valuation allowance

 

(29,507

)

 

 

(13,733

)

Net deferred tax assets and liabilities

$

-

 

 

$

-