Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate was as follows:

	Year Ended December 31,
	2021			2020
Federal statutory income tax rate ate		21.00	%		21.00	%
State taxes		1.94			0.17
Others		(0.26	)		(0.13	)
Research and development credits		1.01			(0.05	)
Cancellation of debt income		-			(0.61	)
Tranche liability		(3.06	)		(16.84	)
Interest expense		-			(0.01	)
Stock-based compensation		(0.96	)		-
Change in valuation allowance		(19.67	)		(3.53	)
Provision for taxes		0.00	%		0.00	%

Summary of Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consisted of the following (in thousands):

	December 31
	2021			2020
Deferred tax assets:
Net operating losses - non-current	$	12,006		$	2,269
General business credit - non-current		2,682			81
Operating lease right-of-use assets		2,368			—
Stock based compensation		784			—
Accruals and reserves		525			105
Fixed assets		396			—
Other		2			—
Gross deferred tax assets		18,763			2,455
Valuation allowance		(16,332	)		(2,414	)
Net deferred tax assets		2,431			41
Fixed asset basis		—			(41	)
Operating lease liabilities		(2,431	)		—
Other		—			—
Gross deferred tax liabilities		(2,431	)		(41	)
Net deferred tax assets	$	—		$	—

Summary of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards were as follows as of December 31, 2021 (dollars in thousands):

	Year Ended December 31, 2021
	Amount		Expiration Years
Net operating losses, federal (starting from January 1, 2018)	$	57,163	Do Not Expire
Net operating losses, state	29		12/31/2039
Tax credits, federal		2,304	12/31/2041
Tax credits, state		1,886	Do Not Expire

Changes in Valuation Allowance for Deferred Tax Assets

During the years ended December 31, 2021 and 2020, the Company recorded a full valuation allowance on federal and state deferred balances since management does not forecast the Company to be in a profitable position in the near future. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2021 and 2020 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):

	Year Ended December 31,
	2021		2020
Valuation allowance at the beginning of the year	$	2,414	$	8
Increases recorded to income tax provision		13,918		2,406
Valuation allowance at the end of the year	$	16,332	$	2,414

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	December 31,
	2021		2020
Balance at beginning of year	$	—	$	—
Additions based on tax positions related to current year		1,258		—
Increased for prior period positions		149		—
Unrecognized tax benefit—December 31	$	1,407	$	—