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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Summary of Deferred Tax Assets | The provision for income tax expense included on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021 consists of the following:
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Current tax expense - federal and state |  | $ | 2 |  |  | $ | 1 |
Deferred tax benefit |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | (2 | ) |  |  | (1 | )
Income tax provision |  | $ | — |  |  | $ | — |
Summary of Income Tax Provision | The components of the net deferred tax asset as of December 31, 2022 and 2021 are as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 22,183 |  |  | $ | 13,442 |
Research and development tax credits |  |  | 11,074 |  |  |  | 3,721 |
Capitalized research and development costs |  |  | 46,260 |  |  |  | 33,435 |
Stock-based compensation |  |  | 4,396 |  |  |  | 1,857 |
Accrued bonus |  |  | 1,090 |  |  |  | 1,924 |
Lease liability |  |  | 1,165 |  |  |  | 953 |
Other |  |  | — |  |  |  | 26 |
Total deferred tax assets |  |  | 86,168 |  |  |  | 55,358 |
Deferred tax liabilities: |  |  |  |  |  |
Unrealized gain on marketable securities |  |  | — |  |  |  | — |
Right of use asset |  |  | (1,036 | ) |  |  | (896 | )
Other |  |  | (9 | ) |  |  | — |
Total deferred tax liabilities |  |  | (1,045 | ) |  |  | (896 | )
Valuation allowance |  |  | (85,123 | ) |  |  | (54,462 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Summary of Reconciliation of the Federal Income Tax Rate | A reconciliation between the Company’s effective tax rate and the federal statutory rate for the years ended December 31, 2022 and 2021 are as follows:
|  | December 31,
|  | 2022 |  | 2021
Federal statutory rate |  | 21.00% |  | 21.00%
State income taxes, net of federal tax benefit |  | 6.33% |  | 10.21%
Permanent differences |  | 1.65% |  | 0.39%
Tax credits |  | 5.65% |  | 1.59%
True-up |  | (0.54)% |  | 3.87%
Change in rate |  | (4.67)% |  | 0.59%
Other items |  | 0.00% |  | 0.01%
Valuation allowance |  | (29.42)% |  | (37.66)%
Effective tax rate |  | 0.00% |  | 0.00%
Schedule of Unrecognized Tax Benefits Roll Forward | For the years ended December 31, 2022 and 2021, the activity related to the unrecognized tax benefits were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Unrecognized tax benefits at beginning of year |  | $ | 1,595 |  |  | $ | — |
Gross increases - current year tax positions |  |  | 2,524 |  |  |  | 893 |
Gross increases - prior year tax positions |  |  | 949 |  |  |  | 702 |
Unrecognized tax benefits at end of year |  | $ | 5,068 |  |  | $ | 1,595 |

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