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Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Federal statutory income tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income tax rate

 

0.5

%

 

 

0.5

%

 

 

1.1

%

Tax credits

 

1.1

%

 

 

0.2

%

 

 

 

Stock-based compensation

 

(1.1

)%

 

 

(1.5

)%

 

 

 

Amortization

 

 

 

 

2.6

%

 

 

 

LLC loss prior to C-Corp conversion

 

 

 

 

 

 

 

(17.7

)%

Change in valuation allowance

 

(21.5

)%

 

 

(22.7

)%

 

 

(4.3

)%

Other

 

 

 

 

(0.1

)%

 

 

(0.1

)%

Effective income tax rate

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

 

 

December 31,

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

Net operating loss carryforwards

$

12,100

 

 

$

7,689

 

Capitalized research and development

 

10,326

 

 

 

 

Accrued liabilities and reserves

 

411

 

 

 

65

 

Stock-based compensation

 

1,887

 

 

 

675

 

Intangible assets

 

1,129

 

 

 

1,044

 

Operating lease liabilities

 

480

 

 

 

599

 

Research and development credits

 

1,633

 

 

 

278

 

Property and equipment

 

 

 

 

 

Gross deferred tax assets

 

27,966

 

 

 

10,350

 

Valuation allowance

 

(27,432

)

 

 

(9,730

)

Total deferred tax assets

 

534

 

 

 

620

 

Deferred tax liabilities:

 

 

 

 

 

Property and equipment

 

(82

)

 

 

(48

)

Operating lease right-of-use assets

 

(452

)

 

 

(572

)

Total deferred tax liabilities

 

(534

)

 

 

(620

)

Net deferred tax assets

$

 

 

$

 

 

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Beginning balance

$

112

 

 

$

 

 

$

 

Increases for tax provisions related to prior year

 

133

 

 

 

1

 

 

 

 

Increases for tax provisions related to current year

 

379

 

 

 

111

 

 

 

 

Ending balance

$

624

 

 

$

112

 

 

$