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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS | Significant components of the Company’s net deferred tax assets are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2022 |  | 2021
Deferred income tax assets: |  | ​ |  |  | ​ |
NOL carryforwards | ​ | $ | 11,781 | ​ | $ | 7,498
Research credit carryforwards | ​ |  | 1,601 | ​ |  | 530
Capitalized R&D | ​ |  | 8,490 | ​ |  | —
Other | ​ |  | 1,713 | ​ |  | 615
Gross deferred tax assets | ​ |  | 23,585 | ​ |  | 8,643
Less: valuation allowance | ​ |  | (23,283) | ​ |  | (8,517)
Total deferred tax assets | ​ |  | 302 | ​ |  | 126
Deferred income tax liabilities: | ​ |  |  | ​ |  |
Other | ​ |  | (302) | ​ |  | (126)
Total deferred tax liabilities | ​ |  | (302) | ​ |  | (126)
Net deferred tax assets (liabilities) | ​ | $ | — | ​ | $ | —
​
SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE | A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2022 |  | 2021
U.S. Federal statutory income tax rate | ​ | $ | (10,829) | ​ | $ | (4,821)
State taxes | ​ |  | (2,828) | ​ |  | (520)
Permanent and other differences | ​ |  | 563 | ​ |  | 3
Stock-based compensation | ​ |  | (787) | ​ |  | 115
Research and development credits | ​ |  | (757) | ​ |  | (392)
Change in valuation allowance | ​ |  | 14,663 | ​ |  | 5,618
Total tax provision | ​ | $ | 25 | ​ | $ | 3
​
SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2022 and December 31, 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2022 |  | 2021
Beginning balance of unrecognized tax benefits | ​ | $ | 529 | ​ | $ | 276
Additions based on tax positions related to the current year | ​ | ​ | 461 | ​ | ​ | 253
Additions based on tax positions related to the prior year | ​ |  | 3 | ​ |  | —
Ending balance of unrecognized tax benefits | ​ | $ | 993 | ​ | $ | 529
​

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