Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2022			2021
Federal income tax expense at statutory rate		21	%		21	%
State taxes—net of federal benefit		1			5
Permanent differences and other		4			(1	)
Federal & state R&D credits		4			2
Increase in valuation allowance		(30	)		(27	)
Effective income tax rate		0	%		0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets at December 31, 2022 and 2021 are as follows:

	Year Ended December 31,
(in thousands)	2022			2021
Deferred tax assets:
Stock-based compensation	$	4,176		$	2,333
Net operating loss carryforwards		59,998			51,500
Credit carryforwards		11,225			4,799
Fixed assets		564			705
Accrued expenses		4,682			5,205
Lease liability		8,264			8,916
R&D Capitalization		33,515			—
Total deferred tax assets		122,424			73,458
Valuation allowance		(113,622	)		(63,546	)
Total net deferred tax assets		8,802			9,912
Deferred tax liabilities:
Right of use asset		(8,802	)		(9,912	)
Total deferred tax liability		(8,802	)		(9,912	)
Total deferred tax assets (liabilities)	$	—		$	—

Schedule of Changes in Valuation Allowance

Changes in the valuation allowance were as follows:

	Year Ended December 31,
	2022		2021
Valuation allowance at the beginning of year	$	63,546	$	21,899
Decreases recorded as benefit to income tax provision		—		—
Increases recorded to income tax provision		50,076		41,647
Valuation allowance at the end of year	$	113,622	$	63,546