Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense (Benefit)

Income tax expense (benefit) is summarized as follows:

	Year ended December 31,
(in thousands)	2022		2021		2020
Current:
Federal	$	-	$	-	$	-
State		53		-		-
Foreign		-		-		-
Total current provision	$	53	$	-	$	-
Deferred:
Federal		-		-		-
State		-		-		-
Foreign		-		-		-
Total deferred provision	$	-	$	-	$	-

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)	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
Change in valuation allowance		(34.7	)%		(31.3	)%		(29.6	)%
Stock-based compensation		(0.3	)%		0.9	%		(0.3	)%
Executive compensation		(0.8	)%		(1.1	)%		0.0	%
Permanent items		(0.2	)%		(0.1	)%		1.1	%
State income taxes, net of federal benefit		8.4	%		6.1	%		6.8	%
Research and development tax credits		5.6	%		4.5	%		1.0	%
Other		1.0	%		0.0	%		0.0	%
Effective income tax rate		—	%		—	%		—	%

Schedule of Deferred Taxes

:

	December 31,
(in thousands)	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	43,779		$	33,409
Capitalized costs—net of amortization		11,095			12,395
Research and development tax credits		20,835			6,098
Capitalized research costs		28,650			—
Stock-based compensation		3,669			1,117
Other		174			76
Lease liability		22,285			533
Accrued expenses		5,024			2,852
Total deferred tax assets		135,511			56,480
Deferred tax liabilities:
Property and equipment		(881	)		(899	)
Right of use asset		(24,994	)		(501	)
Total deferred tax liabilities		(25,875	)		(1,400	)
Total deferred tax assets, net		109,636			55,080
Less: valuation allowance		(109,636	)		(55,080	)
Deferred tax assets, net of valuation allowance	$	—		$	—