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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Reconciliation of Effective Tax Rate | A reconciliation of our effective tax rate to the statutory U.S. federal rate is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020(1) |
Statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Stock-based compensation |  |  | 1.5 | % |  |  | 2.2 | % |  |  | 0.8 | %
Credits |  |  | 0.8 | % |  |  | 1.1 | % |  |  | 0.6 | %
Change in valuation allowance |  |  | (21.3 | )% |  |  | (23.0 | )% |  |  | (22.1 | )%
Section 162(m) limitation |  |  | (1.8 | )% |  |  | (1.1 | )% |  |  | (0.1 | )%
Other |  |  | (0.2 | )% |  |  | (0.2 | )% |  |  | (0.2 | )%
Total |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
(1) The 2020 effective tax rate reconciliation has been updated to conform to the 2021 and 2022 presentation.
Components of Deferred Tax Assets | The following table presents significant components of our deferred tax assets as of December 31, 2022 and 2021:
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  |  | 111,555 |  |  |  | 85,574 |
Fixed assets |  |  | 1,062 |  |  |  | 1,700 |
Accrued & others(1) |  |  | 1,103 |  |  |  | 2,174 |
R&D Credits |  |  | 5,436 |  |  |  | 2,865 |
Capitalized R&D expenditures |  |  | 32,873 |  |  |  | 2,984 |
Accrued manufacturing expenses |  |  | 2,063 |  |  |  | 1,006 |
Lease liability |  |  | 5,358 |  |  |  | 6,674 |
Intangible assets |  |  | 6,867 |  |  |  | — |
Stock compensation(1) |  |  | 4,474 |  |  |  | 1,956 |
Total deferred tax assets |  |  | 170,791 |  |  |  | 104,934 |
Deferred tax liabilities: |  |  |  |  |  |
ROU asset |  |  | (6,357 | ) |  |  | (8,349 | )
Total deferred tax liabilities |  |  | (6,357 | ) |  |  | (8,349 | )
Net deferred tax asset |  |  | 164,433 |  |  |  | 96,585 |
Valuation allowance |  |  | (164,433 | ) |  |  | (96,585 | )
Net deferred taxes |  | $ | — |  |  | $ | — |
(1) The 2021 Accrued & others and Stock compensation lines have been updated to conform to the 2022 presentation.
Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Balance at the beginning of the year |  | $ | 924 |  |  | $ | 393 |  |  | $ | 271 |
Additions based on tax positions related to current year |  |  | 876 |  |  |  | 461 |  |  |  | 287 |
Reductions based on tax positions related to prior years |  |  | (46 | ) |  |  | 70 |  |  |  | (165 | )
Balance at end of year |  | $ | 1,754 |  |  | $ | 924 |  |  | $ | 393 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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