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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Significant Component of Deferred Tax Assets | Significant components of the Company’s deferred tax assets at December 31, 2022 and 2021 are as follows:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 171,070 |  |  | $ | 164,486 |
Start-up and pre-clinical studies |  |  | 17,204 |  |  |  | 21,705 |
Research and development credit carryforwards |  |  | 40,116 |  |  |  | 39,817 |
Stock-based compensation |  |  | 698 |  |  |  | 706 |
Capitalized acquisition costs |  |  | 2,180 |  |  |  | 2,946 |
Lease liability |  |  | 618 |  |  |  | 1,278 |
Depreciation |  |  | 239 |  |  |  | 102 |
Capitalized research expenses |  |  | 5,156 |  |  |  | - |
Other |  |  | 27 |  |  |  | 156 |
|  |  | 237,308 |  |  |  | 231,196 |
Less valuation allowance |  |  | (236,827 | ) |  |  | (230,119 | )
Total deferred tax assets |  |  | 481 |  |  |  | 1,077 |
Right-of-use asset |  |  | (481 | ) |  |  | (1,077 | )
Total deferred tax liabilities |  | $ | (481 | ) |  | $ | (1,077 | )
Net deferred taxes |  | $ | — |  |  | $ | — |
Reconciliation of Income Tax Expense (Benefit) | A reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Federal income tax at statutory rates |  |  | 21 | % |  |  | 21 | %
State income tax, net of federal tax benefit |  |  | 3 | % |  |  | 3 | %
Research and development credits |  |  | 2 | % |  |  | 3 | %
Research and development true-up |  |  | -2 | % |  |  | 0 | %
Stock-based compensation |  |  | -1 | % |  |  | -1 | %
Federal/state rate change |  |  | -5 | % |  |  | -2 | %
Change in valuation allowance |  |  | -18 | % |  |  | -24 | %
Effective tax rate |  |  | 0 | % |  |  | 0 | %

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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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