Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Deferred Tax Assets

The provision for income tax expense included on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020 consists of the following:

	December 31,
	2021			2020
	(In thousands)
Current tax expense - federal and state	$	1		$	—
Deferred tax benefit		—			(12,002	)
Change in valuation allowance		(1	)		12,002
Income tax provision	$	—		$	—

Summary of Income Tax Provision

The components of the net deferred tax asset as of December 31, 2021 and 2020 are as follows:

	December 31,
	2021			2020
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	13,442		$	4,427
Research and development tax credits		3,721			698
Capitalized research and development costs		33,435			16,228
Stock-based compensation		1,857			341
Accrued bonus		1,924			—
Lease liability		953			—
Other		26			529
Total deferred tax assets		55,358			22,223
Deferred tax liabilities:
Unrealized gain on marketable securities		—			(474	)
Right of use asset		(896	)		—
Other		—			(1	)
Total deferred tax liabilities		(896	)		(475	)
Valuation allowance		(54,462	)		(21,748	)
Net deferred tax assets	$	—		$	—

Summary of Reconciliation of the Federal Income Tax Rate

A reconciliation between the Company’s effective tax rate and the federal statutory rate for the years ended December 31, 2021 and 2020 are as follows:

	December 31,
	2021	2020
Federal statutory rate	21.00%	21.00%
State income taxes, net of federal tax benefit	10.21%	9.40%
Permanent differences	0.39%	(1.46)%
Tax credits	1.59%		—
True-up	3.87%		—
Change in rate	0.59%		—
Other items	0.01%	0.05%
Valuation allowance	(37.66)%	(28.99)%
Effective tax rate	0.00%	0.00%

As of December 31, 2021, the Company had federal net operating loss carryforwards of approximately $42.7 million and state net operating loss carryforwards of approximately $76.2 million. The federal net operating losses have an unlimited carryover period and state net operating losses expire in years beginning in 2038.

Schedule of Unrecognized Tax Benefits Roll Forward

For the years ended December 31, 2021 and 2020, the activity related to the unrecognized tax benefits were as follows (in thousands):

	Years Ended December 31,
	2021		2020
Unrecognized tax benefits at beginning of year	$	—	$	—
Gross increases - current year tax positions		893		—
Gross increases - prior year tax positions		702		—
Unrecognized tax benefits at end of year	$	1,595	$	—