Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Effective Income Tax Rate Reconciliation

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


	December 31,
	2022		2021
Tax at federal statutory rate	21.0	%	21.0	%
State taxes, net of federal benefit	7.2	%	4.0	%
Research and development tax credit	1.4	%	1.3	%
Stock-based compensation	(1.9)	%	(1.1)	%
Nondeductible interest expense	(0.5)	%	(0.6)	%
Warrant mark-to-market adjustment	—	%	(3.0)	%
FIN 48 reserve	(0.2)	%	(0.2)	%
Change in valuation allowance	(26.8)	%	(21.5)	%
Other	(0.2)	%	0.1	%
Total	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	40,884	$	35,754
Research and development credits	12,088		11,121
Research and development expenditures, capitalized for tax	4,563		—
Fixed assets and inventory	159		120
Accruals and reserves	1,180		1,600
Interest expense carryforward	3,850		2,616
Operating lease liability	4,442		—
Other	1,521		781
Gross deferred tax assets	68,687		51,992
Deferred tax liabilities:
Operating lease right-of-use asset	(3,910)		—
Total deferred tax liabilities	(3,910)		—
Valuation allowance	(64,777)		(51,992)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

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


	Year Ended December 31,
	2022		2021
Beginning balance	$	1,489	$	1,390
Increase in balance related to tax positions taken during the current year	112		99
Increase in balance related to tax positions taken during prior years			—
Ending balance	$	1,601	$	1,489