Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousand):

	Year ended December 31,
	2021			2020			2019
Domestic	$	(101,878	)	$	(25,570	)	$	(19,594	)
Foreign		—			—			—
Income (loss) before income taxes	$	(101,878	)	$	(25,570	)	$	(19,594	)

Summary of Reconciliation Federal Income Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:

	Year ended December 31,
	2021			2020			2019
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		2.2	%		2.0	%		1.1	%
Stock-based compensation		3.9	%		(1.3	)%		(2.3	)%
Section 162(m)		(1.4	)%		—			—
Change in valuation allowance		(26.2	)%		(21.6	)%		(19.9	)%
Other		0.5	%		(0.1	)%		0.1	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows (in thousands):

	Year ended December 31,
	2021			2020
Deferred tax assets:
Net operating loss carry forward	$	38,933		$	13,405
Tax credits		5,681			2,151
Intangibles		3,147			-
Other		143			399
Stock-based compensation		3,482			594
Lease liability		2,824			-
Accruals and reserves		537			80
Total deferred tax assets before valuation allowance		54,747			16,629
Valuation allowance		(51,832	)		(16,464	)
Total deferred tax assets		2,915			165
Deferred tax liabilities:
Right of use assets		(2,812	)		—
Fixed assets		(103	)		(165	)
Total deferred tax liabilities		(2,915	)		(165	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

	Year ended December 31,
	2021		2020		2019
Unrecognized tax benefits as of the beginning of the year	$	1,934	$	1,088	$	415
Increase related to prior year tax provisions		107		—		—
Decrease related to prior year tax provisions		—		—		—
Increase related to current year tax provisions		2,661		846		673
Statue lapse		—		—		—
Unrecognized tax benefits as of the end of the year	$	4,702	$	1,934	$	1,088