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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are as follows (in thousands):
| As of December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Net operating losses | $ | 34,454 |  |  | $ | 24,655 |
Tax credit carryforward | 909 |  |  | 292 |
Equity compensation | 737 |  |  | 1,143 |
Capitalized research and development expenses | 16,946 |  |  | — |
Other | 2,153 |  |  | 1,231 |
Total deferred tax assets | 55,199 |  |  | 27,321 |
Valuation allowance | (54,261) |  |  | (27,321) |
Deferred tax assets, net of valuation allowance | 938 |  |  | — |
Deferred tax liabilities: |  |  |
Right-of-use assets | (938) |  |  | — |
Net deferred tax | $ | — |  |  | $ | — |
Schedule of Provision for Income Taxes | The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows:
| Years Ended December 31,
| 2022 |  | 2021
Federal statutory tax rate | 21.0 | % |  | 21.0 | %
State tax, net of federal tax benefit | 7.2 |  |  | 0.6 |
Stock compensation | (0.2) |  |  | 0.0 |
Non-deductible officer compensation | (1.4) |  |  | (0.1) |
Transaction costs related to the Business Combination | — |  |  | (0.2) |
Warrant liabilities revaluation | 6.6 |  |  | (1.7) |
Derivative liabilities revaluation | — |  |  | (9.8) |
Earnout Shares liabilities revaluation | 0.4 |  |  | (6.8) |
Permanent differences | 0.1 |  |  | 0.0 |
R&D tax credits | 0.8 |  |  | 0.0 |
Other | 0.1 |  |  | 0.1 |
Valuation allowance | (34.6) |  |  | (3.1) |
Effective tax rate | — | % |  | — | %
Schedule of Uncertain Tax Positions | The changes in the Company's uncertain tax positions are summarized as follows (in thousands):
Balance as of December 31, 2020 | $ | 47 |
Additions in 2021 | 245 |
Balance as of December 31, 2021 | 292 |
Additions in 2022 | 613 |
Balance as of December 31, 2022 | $ | 905 |

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