Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022	2021
Federal income tax rate	21.0 %	21.0 %
State income tax benefit	5.8 %	6.0 %
Permanent items	(0.4) %	(0.3) %
Research tax credits	5.5 %	4.1 %
Other	(0.4) %	(0.3) %
Valuation allowance	(31.5) %	(30.5) %
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)	2022			2021
Deferred tax assets:
Accrued expenses	$	1,224		$	972
Federal net operating loss carryforwards		32,262			25,060
State net operating loss carryforwards		8,919			6,913
Tax credits		10,712			5,675
Stock compensation		1,248			529
R&D Capitalization		14,881			—
Amortization		429			191
Lease liability		10,445			4,675
Total deferred tax assets		80,120			44,015
Valuation allowance		(68,348	)		(39,401	)
Net total deferred tax assets	$	11,772		$	4,614
Deferred tax liabilities:
Lease right of use asset		(11,951	)		(4,234	)
Depreciation and amortization		179			(380	)
Total deferred tax liabilities	$	(11,772	)	$	(4,614	)
Net deferred tax assets	$	—		$	—