Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

The components of loss before income taxes are as follows (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
U.S. operations	$	(58,517	)	$	(45,492	)
Non-U.S. operations		100			98
Loss before income taxes	$	(58,417	)	$	(45,394	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2021 and 21% for the year ended December 31, 2020, to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
Income tax benefit at statutory rate	$	(12,268	)	$	(9,533	)
State income taxes, net of federal benefit		(2,890	)		(2,760	)
Non-U.S. income tax rate differential		—			(8	)
Change in fair value of derivative		—		—
Change in federal tax rate		—		—
Research and development tax credits		(693	)		(403	)
Permanent items		729			288
Changes in valuation allowance		15,748			13,068
Other, net		(626	)		(652	)
Income tax benefit	$	—		$	—

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	84,026	$	74,876
Deferred revenue		4,270		150
Lease liability		722		806
Stock-based compensation		7,822		6,847
Tax credits		5,446		4,503
Other		3,005		2,514
Total deferred tax assets		105,291		89,696
Deferred tax liabilities:
Intangible assets		5,963		6,087
Right-of-use assets		615		713
Total deferred tax liabilities		6,578		6,800
Deferred tax assets, net		98,713		82,896
Valuation allowance		98,713		82,896
Total deferred tax liability	$	—	$	—