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	$	—		$	—