Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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 in 2022 and 2021 is as follows:

	Year ended December 31,
	2022			2021
Federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		4.71	%		9.96	%
Valuation allowance		1.13	%		(32.12	)%
Other		0.97	%		1.16	%
		27.81	%		—	%

Summary of Net Deferred Income Tax Asset

As of December 31, 2022 and 2021, the net deferred income tax asset balance related to the following:

	December 31,
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating loss	$	10,531		$	31,414
Capitalized research and development		18,724			—
Capitalized organizational and start-up expenses		127			140
Licenses		461			1,875
Accrued expenses		1,977			968
Research and development credit		1,110			1,563
Equity-based compensation		12,087			8,584
Basis difference on gain on sale of Cullinan Pearl		1,805			—
Lease liability		1,345			—
Gross deferred tax assets		48,167			44,544
Valuation allowance		(46,766	)		(44,552	)
Net deferred tax asset		1,401			(8	)
Deferred tax liability
ROU asset		1,108			—
Depreciation and amortization		293			(8	)
Net deferred tax asset	$	—		$	—

Summary of Valuation Allowance

The Company’s valuation allowance increased during 2022 and 2021 due primarily to the generation of NOLs as follows:

	Year ended December 31,
	2022		2021
	(in thousands)
Valuation allowance at beginning of year	$	44,552	$	22,642
Increases recorded to income tax provision		1,712		21,674
Increases recorded to equity		502		236
Valuation allowance at end of year	$	46,766	$	44,552