Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year ended December 31,
(in thousands)	2021			2020			2019
Federal statutory rate		21.0	%		21.0	%		21.0	%
Change in valuation allowance		(31.3	)%		(29.6	)%		(17.9	)%
Stock-based compensation		0.9	%		(0.3	)%		(0.1	)%
Executive compensation		(1.1	)%		0.0	%		0.0	%
Other permanent items		(0.1	)%		1.1	%		(5.8	)%
State income taxes, net of federal benefit		6.1	%		6.8	%		1.7	%
Research and development tax credits		4.5	%		1.0	%		1.1	%
Total		—	%		—	%		—	%

Schedule of Deferred Taxes

:

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	33,409		$	12,973
Capitalized costs—net of amortization		12,395			855
Research and development tax credits		6,098			682
Antidilution liability		—			2,815
Stock-based compensation		1,117			149
Other		76			61
Lease liability		533			—
Accrued expenses		2,852			905
Total deferred tax assets		56,480			18,440
Deferred tax liabilities:
Property and equipment		(899	)		(1,061	)
Right of use asset		(501	)		—
Total deferred tax liabilities		(1,400	)		(1,061	)
Total deferred tax assets, net		55,080			17,379
Less: valuation allowance		(55,080	)		(17,379	)
Deferred tax assets, net of valuation allowance	$	—		$	—