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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate | A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Income tax computed at federal statutory rate % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 5.6 |  |  |  | 5.7 |
Change in valuation allowance |  |  | (26.6 | ) |  |  | (27.7 | )
Research and development credit carryovers |  |  | 1.7 |  |  |  | 1.9 |
Permanent differences |  |  | (1.7 | ) |  |  | (0.9 | )
Effective income tax rate % |  |  | 0.0 | % |  |  | 0.0 | %
Components of Net Deferred Tax Assets | Significant components of the Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 13,108 |  |  | $ | 12,918 |
Intangibles |  |  | 69 |  |  |  | 75 |
Tax credit carryforwards |  |  | 3,674 |  |  |  | 1,648 |
Derivative |  |  | 1,455 |  |  |  | 1,577 |
Stock-based compensation |  |  | 2,645 |  |  |  | 1,003 |
Reserves and accruals |  |  | 1,105 |  |  |  | 804 |
Capitalized research expenditures |  |  | 20,059 |  |  |  | — |
License fees |  |  | 14,235 |  |  |  | 7,716 |
Operating lease liability |  |  | 5,107 |  |  |  | 45 |
Other |  |  | 29 |  |  |  | 25 |
Total deferred tax assets before valuation allowance |  |  | 61,486 |  |  |  | 25,811 |
Less: valuation allowance |  |  | (57,812 | ) |  |  | (25,748 | )
Total deferred tax assets |  | $ | 3,674 |  |  | $ | 63 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease ROU assets |  |  | (3,674 | ) |  |  | (63 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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