Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following for the years ended (in thousands):

	December 31,
	2022		2021
Current
Federal	$	68	$	38
State		2		3
Total current tax expense	$	70	$	41
Deferred
Federal	$	—	$	—
State		—		—
Total deferred tax expense	$	—	$	—
Income tax expense	$	70	$	41

Schedule of Effective Income Tax Rate

A reconciliation between the Company’s effective tax rate and the applicable U.S. federal statutory income tax rate is summarized as follows:

	Year Ended December 31,
	2022				2021
Federal statutory rate		21.0		%		21.0		%
State tax, net of federal tax benefit		3.4				1.0
Non-controlling interest		(10.4	)			(5.3	)
Pass-through loss not subject to tax		—				(12.6	)
Permanent items		—				(0.1	)
Research and development credits		2.1				2.9
Uncertain tax position		(0.3	)			(0.4	)
Liquidating distribution		(2.1	)			—
Change in valuation allowance		(13.8	)			(6.6	)
Effective tax rate		(0.1	)	%		(0.1	)	%

Schedule of Deferred Tax Assets And Liabilities

The components that comprise the Company’s net deferred taxes consist of the following (in thousands):

	Year Ended December 31,
	2022			2021
Deferred tax assets
Investment in partnership	$	44,923		$	25,226
Net operating loss carryforward		6,807			1,952
Research and development credits		1,085			1,458
Accruals		—			55
Total deferred tax assets		52,815			28,691
Valuation allowance		(52,815	)		(28,671	)
Total deferred tax assets, net of valuation allowance		—			20
Deferred tax liability
Prepaid expenses		—			(20	)
Net deferred tax asset	$	—		$	—

Summary Of Operating Loss Carryforwards

As of December 31, 2022, the Company had the following tax attribute carryforwards that will expire on various dates as follows:

	Amount (in thousands)		Expiration Years
Net operating losses, federal (post December 31, 2017)	$	21,020	Indefinite
Net operating loss, state (definite)		34,264	2042
Research and development tax credits, federal		793	2041 - 2042
Research and development tax credits, state		612	Indefinite

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes in the amount of the unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2022			2021
Balance at the beginning of the year	$	358		$	104
Increase related to current year positions		222			254
Increase related to prior year positions		4			—
Decrease related to prior year positions		(373	)		—
Balance at the end of the year	$	211		$	358