Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Statutory Income Tax Rate To Effective Income Tax Rate

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year ended December 31,
	2021			2020
Federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		9.96	%		(1.83	)%
Permanent differences		0.01	%		(0.01	)%
Equity-based compensation		0.39	%		—
Tax credits		(0.25	)%		0.77	%
Valuation allowance		(32.12	%)		(12.65	%)
Non-taxable income		—			(5.01	)%
IPR&D		—			(2.28	%)
Change in tax status		1.76	%		—
Return to provision		1.15	%		—
Other		(1.90	)%		—
		0.00	%		0.00	%

Summary of Net Deferred Income Tax Asset

The net deferred income tax asset balance related to the following:

	December 31,
	2021			2020
	(in thousands)
Deferred tax assets:
Net operating loss	$	31,414		$	18,563
Capitalized organizational and start-up expenses		140			148
Licenses		1,875			1,601
Accrued expenses		968			467
Research and development credit		1,563			1,859
Equity-based compensation		8,584			8
Gross deferred tax assets		44,544			22,646
Valuation allowance		(44,552	)		(22,642	)
Net deferred tax asset		(8	)		4
Deferred tax liability
Depreciation and amortization		8			(4	)
Net deferred tax asset	$	—		$	—

Summary of Valuation Allowance

The Company’s valuation allowance increased during the years ended December 31, 2021 and 2020 due primarily to the generation of net operating losses, as follows:

	Year ended December 31,
	2021		2020
	(in thousands)
Valuation allowance at beginning of year	$	22,642	$	10,653
Increases recorded to income tax provision		21,674		11,989
Increases recorded to OCI/Equity		236		—
Valuation allowance at end of year	$	44,552	$	22,642