Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax (Provision) Benefit

The provision (benefit) for income taxes charged to operations was as follows:

	2021		2020
	(in thousands)
Current tax expense
U.S. federal	$	—	$	—
State and local		2		2
Total current		2		2
Deferred tax expense:
U.S. federal	$	—	$	—
State and local		—		—
Total deferred		—		—
Total provision for income taxes	$	2	$	2

Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

A reconciliation of the provision for income taxes with the expected income tax computed by applying the statutory federal income tax rate to loss before provision for income taxes and a reconciliation of the statutory federal rate and the effective rate was calculated as follows:

	Year Ended December 31,
	2021			2020
Tax computed at federal statutory rate		21.00	%		21.00	%
State income tax - net of federal benefit		3.31	%		3.01	%
Tax credits		1.13	%		1.44	%
Change in valuation allowance		(25.51	)%		(26.65	)%
Stock-based compensation		(0.20	)%		(0.22	)%
Other deferred adjustments		0.56	%		1.51	%
Permanent items		(0.29	)%		(0.09	)%
Income tax provision		0.00	%		0.00	%

Significant Components of Net Deferred Taxes

The significant components that comprised the Company’s net deferred taxes at December 31, 2021 and 2020 are as follows:

	2021			2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	70,731		$	60,260
Fixed assets and intangible assets		1,449			1,507
Lease liabilities		660			783
Accruals and reserves		1,178			1,349
Stock-based compensation		864			410
Tax credits		4,763			4,191
State Taxes		3			-
Other		890			49
Gross deferred tax assets		80,538			68,549
Less: valuation allowance		(79,476	)		(64,211	)
Net deferred tax assets		1,062			4,338
Deferred tax liabilities:
Fixed assets and intangible assets		(392	)		(605	)
Right-of-use assets		(670	)		(773	)
State Taxes		-			(2,960	)
Total gross deferred tax liabilities:		(1,062	)		(4,338	)
Net deferred tax asset (liability)	$	—		$	—

Summary of Changes in Unrecognized Tax Benefits

The following changes occurred in the amount of unrecognized tax benefits:

	2021		2020
	(in thousands)
Gross unrecognized tax benefits at the beginning of the year	$	1,575	$	1,311
Increases related to current year tax positions		204		251
Increases related to prior year tax positions		12		13
Gross unrecognized tax benefits at the end of the year	$	1,791	$	1,575