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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Summary of reconciliation of federal statutory income tax rate to the Company's effective income tax rate

​

​	​	​	​	​	​
​	​	December 31,
​		2022		2021	​
Expected income tax benefit at the federal statutory rate		21.0	%	21.0	%
State taxes, net of federal benefit		6.5		6.5	​
Research and development credit, net		3.4		3.2	​
Non-deductible items		(1.7)		(1.8)	​
Prior year provision to return adjustments		(0.1)		(0.4)	​
Change in valuation allowance		(29.1)		(28.5)	​
Total		—	%	—	%

​

Summary of components of deferred tax assets

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)			2022			2021
Deferred tax assets:	​			​
Federal and state net operating loss carryforwards		$	49,789		$	44,451
Research and development tax credits	​	​	11,395	​	​	8,862
Capitalized R&D Costs	​	​	12,424	​	​	—
Operating lease liabilities	​	​	1,960	​	​	—
Share-based compensation	​	​	4,389	​	​	3,184
Accruals and other	​	​	1,305	​	​	1,291
Gross deferred tax assets	​	​	81,262	​	​	57,788
Less: valuation allowance	​	​	(79,724)	​	​	(57,705)
Total deferred tax assets		$	1,538		$	83
Deferred tax liabilities:	​	​	​	​	​	​
Depreciation and amortization		$	—		$	(83)
Operating lease assets	​	​	(1,538)	​	​	—
Gross deferred tax liabilities		$	(1,538)		$	(83)
Net deferred tax assets		$	—		$	—

​

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- References

No definition available.

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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

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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

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