Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

	Year Ended December 31,
	2021		2020
Federal income tax (benefit) at statutory rate	21.00	%	21.00	%
Permanent differences	(0.25)		(0.41)
Federal research and development credits and adjustments	0.44		2.78
Nondeductible research costs	(17.75)		—
State income tax, net of federal benefit	0.82		6.03
Other	0.01		0.37
Change in valuation allowance	(4.27)		(29.77)
Effective income tax rate	—	%	—	%

Schedule of components of deferred tax assets

The Company’s deferred tax assets consisted of the following (in thousands):

	Year Ended December 31,
	2021		2020
Deferred tax assets
Net operating loss carryforwards	$	75,849	$	65,373
Tax credit carryforwards		10,063		9,273
Capitalized research and development		139		482
Capitalized legal expenses		1,048		1,070
Lease liability		99		284
Other differences		1,977		1,648
Total deferred tax assets		89,175		78,130
Deferred tax liabilities
ROU asset		(107)		(262)
Valuation allowance		(89,068)		(77,868)
Net deferred tax assets	$	—	$	—