Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

During the three and nine months ended September 30, 2022 and 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022, which contains two main tax provisions: a new corporate alternative minimum tax imposed on certain corporations and an excise tax imposed upon shares repurchased by certain publicly traded corporations. The provisions are effective for tax years beginning after December 31, 2022. The Company is evaluating

the impact of these provisions on its condensed financial statements and expects that the adoption of this act will not have a material impact on its financial statements.