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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:

 

 

Year Ended December 31,

 

 

2021

 

2020

Federal income tax rate

 

21.0 %

 

21.0 %

State income tax benefit

 

6.0 %

 

6.0 %

Permanent items

 

(0.3) %

 

—

Research tax credits

 

4.1 %

 

5.8 %

Other

 

(0.3) %

 

(0.2) %

Valuation allowance

 

(30.5) %

 

(32.6) %

Effective income tax rate

 

—

 

—

Schedule of Significant Components of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities were as follows:

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

Accrued expenses

 

$

972

 

 

$

659

 

Federal net operating loss carryforwards

 

 

25,060

 

 

 

11,515

 

State net operating loss carryforwards

 

 

6,913

 

 

 

3,113

 

Tax credits

 

 

5,675

 

 

 

2,851

 

Stock compensation

 

 

529

 

 

 

177

 

Amortization

 

 

191

 

 

 

—

 

Lease liability

 

 

4,675

 

 

 

4,941

 

Total deferred tax assets

 

 

44,015

 

 

 

23,256

 

Valuation allowance

 

 

(39,401

)

 

 

(18,414

)

Net total deferred tax assets

 

$

4,614

 

 

$

4,842

 

Deferred tax liabilities:

 

 

 

 

 

 

Lease right of use asset

 

 

(4,234

)

 

 

(4,624

)

Depreciation and amortization

 

 

(380

)

 

 

(218

)

Total deferred tax liabilities

 

$

(4,614

)

 

$

(4,842

)

Net deferred tax assets

 

$

—

 

 

$

—