Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2022			2021			2020
Statutory rate		21.0	%		21.0	%		21.0	%
State tax		0.6	%		(0.8	)%		2.3	%
Permanent differences		—			0.6	%		(14.4	)%
Credits		1.7	%		3.8	%		1.4	%
Change in valuation allowance		(22.6	)%		(21.5	)%		(10.1	)%
Share-based compensation		(0.7	)%		(3.1	)%		(0.2	)%
Total		—			—			—

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

	As of December 31,
	2022			2021			2020
Deferred tax assets
Federal and state net operating loss carryforwards	$	25,884		$	17,270		$	7,732
Capitalized R&D Section 174 Expense		14,908			—			—
Credits		6,653			3,670			731
Intangible asset basis		2,562			2,188			—
Share-based compensation		2,133			—			—
Accrued expenses		1,803			709			235
Total deferred tax assets		53,943			23,837			8,698
Total deferred tax liabilities		(149	)		(59	)		(97	)
Less: valuation allowance		(53,794	)		(23,778	)		(8,601	)
Net deferred tax assets	$	—		$	—		$	—

Summary of Unrecognized Tax Benefits

The following table reconciles the beginning and ending amount of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2022			2021		2020
Balance at beginning of year	$	1,141		$	188	$	2
Additions based on tax positions related to prior year		726			—		—
Additions based on tax positions related to current year		916			953		186
Reductions based on tax positions related to prior year		(248	)		—		—
Reductions based on tax positions related to current year		—			—		—
Balance at end of year	$	2,535		$	1,141	$	188