Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Taxes at U.S. statutory rate		21.0	%		21.0	%
Changes from statutory rate:
State taxes, net of federal benefit		8.3	%		8.3	%
Tax credits		5.1	%		4.1	%
Share-based compensation		-0.9	%		-1.0	%
Change in valuation allowance		-33.8	%		-32.4	%
Other		0.3	%		0.0	%
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,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	23,391		$	18,742
Tax credits		10,191			5,319
Deferred revenue		1,332			3,526
Depreciation and amortization		824			411
Amortization		525			571
Stock-based compensation		707			99
Leasehold liability		15,489			1,651
Capitalized R&D costs		14,380			-
Other		1,441			688
Total deferred tax assets		68,280			31,007
Deferred tax liabilities:
Right of use Asset		(16,411	)		(1,500	)
Valuation allowance		(51,869	)		(29,507	)
Net deferred tax assets and liabilities	$	-		$	-