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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate Reconciliation

A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows:

		Years Ended December 31,
		2022				2021
U.S. federal taxes at statutory rate			21.0	%			21.0	%
State tax, net of federal benefit			1.7	%			1.5	%
Stock compensation			(2.1	)%			(3.1	)%
Tax credits			2.4	%			2.0	%
Change in valuation allowance			(22.8	)%			(21.4	)%
162(m) limitation			(0.2	)%			0.0	%
Total			0.0				0.0

Schedule of Deferred Income Tax Assets and Liabilities

The types of temporary differences that give rise to significant portions of the Company’s deferred income tax assets and liabilities are set out below (in thousands):

		Year Ended December 31,
		2022				2021
Net operating loss carryforwards		$	58,193			$	49,070
Research and development credits			24,700				20,809
Lease liability			3,802				4,555
Intangible assets			3,708				3,804
Deferred revenue			49,919				60,285
Accrued liabilities			1,504				1,933
Stock-based compensation			8,066				7,480
Sec 174 capitalized research and development costs			19,709			—
Other			31				29
Total gross deferred income tax assets			169,632				147,965
Less: valuation allowance			(166,037	)			(143,355	)
Deferred tax assets, net of valuation allowance			3,595				4,610
Fixed assets			(43	)			(253	)
Right-of-use assets			(3,358	)			(4,069	)
Prepaid expenses			(194	)			(288	)
Deferred tax liabilities			(3,595	)			(4,610	)
Net deferred income tax liabilities		$	—			$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):

		Year Ended December 31,
		2022				2021
Balance at the beginning of the year		$	7,780			$	6,454
Additions based on tax positions related to current year			1,391				1,326
Adjustment based on tax positions related to prior years			98				-
Balance at end of the year		$	9,269			$	7,780

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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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.

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