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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):

	For the Years Ended December 31,
	2021				2020				2019
Current:
Federal	$	-			$	-			$	-
State		23				6				8
Total current		23				6				8
Deferred:
Federal	$	-			$	-			$	-
State		-				-				-
Total deferred		-				-				-
Total Provision	$	23			$	6			$	8

Summary of Provision for Income Taxes

A reconciliation of income tax computed at the statutory federal income tax rate to the provision for income taxes included in the accompanying statements of operations for the Company is as follows:

		For the Years Ended
		December 31, 2021				December 31, 2020				December 31, 2019
Income tax provision at statutory rate			21	%			21	%			21	%
State income taxes, net of federal benefit			9	%			8	%			7	%
Tax credits			3	%			2	%			1	%
Stock compensation			5	%			(1	)%			0	%
Other			(1	)%			0	%			0	%
Change in valuation allowance			(37	)%			(30	)%			(29	)%
Effective income tax rate			0	%			0	%			0	%

Summary of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:

		As of December 31,
		2021				2020
Deferred tax assets:
Net operating loss carryforwards		$	45,231			$	27,511
Stock compensation			1,587				748
Research and development credits			4,593				2,414
Accruals and reserves			1,033				830
Operating lease liabilities			3,175				-
Total deferred tax assets			55,619				31,503
Valuation allowance			(52,728	)			(31,458	)
Deferred tax assets recognized			2,891				45
Deferred tax liabilities:
Right-of-use assets			(2,854	)			-
Fixed assets and depreciation			(37	)			(45	)
Total deferred tax liabilities			(2,891	)			(45	)
Net deferred tax assets		$	-			$	-

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarized the activity related to the Company’s unrecognized tax benefits:

		For the Years Ended
		December 31, 2021				December 31, 2020
Unrecognized tax benefits, beginning of year		$	877			$	543
Increases related to prior year tax positions			43				5
Increases related to current year tax positions			734				329
Unrecognized tax benefits, end of year		$	1,654			$	877

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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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.

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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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