Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of effective income tax rate differs from federal statutory rate

	Year Ended December 31,
	2021		2020
Tax effected at statutory rate	21.0	%	21.0	%
State taxes	6.7		6.9
Equity-based compensation	(0.5)		(0.4)
Non-deductible expenses	(0.3)		—
Federal research and development credits	1.7		1.7
Change in valuation allowance	(28.6)		(29.2)
Effective income tax rate	0.0	%	0.0	%

Schedule of deferred tax assets

Deferred tax assets consist of the following at December 31, 2021 and 2020 (in thousands):

	Year Ended December 31,
	2021		2020
Deferred tax assets:
Federal net operating loss carryforwards	$	31,387	$	16,376
State net operating loss carryforwards		8,910		4,400
Research and development credit carryforwards		3,873		2,101
Lease liability		2,980		3,134
Accruals and reserves		340		765
Intangible assets		2,061		1,912
Equity-based compensation		733		105
Total deferred tax assets:		50,284		28,793
Valuation allowance		(46,745)		(25,064)
Subtotal		3,539		3,729
Deferred tax liabilities:
Property and equipment		(1,883)		(1,944)
Right of use asset		(1,633)		(1,724)
Debt discount		(23)		(61)
Total deferred tax liabilities		(3,539)		(3,729)
Net deferred tax assets	$	—	$	—