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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
| Year Ended December 31,
| 2022 |  | 2021
Federal statutory income tax rate | 21.0 | % |  | 21.0 | %
Federal and state research and development credits | 3.7 | % |  | 3.8 | %
State taxes, net of federal benefit | 4.2 | % |  | 4.8 | %
Non-deductible items | (0.7) | % |  | (1.7) | %
Stock-based compensation | (1.0) | % |  | 1.6 | %
Change in valuation allowance | (27.2) | % |  | (29.4) | %
Other | — | % |  | (0.1) | %
Effective income tax rate | — | % |  | — | %
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets consisted of the following (in thousands):
| December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 60,047 |  |  | $ | 56,482 |
Capitalized research expenditures | 34,947 |  |  | — |
Amortization | 24,262 |  |  | 14,295 |
Research and development credits | 17,205 |  |  | 9,296 |
Stock-based compensation | 6,422 |  |  | 3,759 |
Leases | 898 |  |  | 1,132 |
Accrued expenses | 893 |  |  | 1,952 |
Total gross deferred tax assets | $ | 144,674 |  |  | $ | 86,916 |
Less: Valuation allowance | (143,930) |  |  | (85,957) |
Net deferred tax assets | $ | 744 |  |  | $ | 959 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use asset | (744) |  |  | (959) |
Total gross deferred tax liabilities | (744) |  |  | (959) |
Net deferred tax assets | $ | — |  |  | $ | — |

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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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