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Income Tax (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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