Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

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

	Year Ended December 31,
	2022		2021
Federal income tax (benefit) at statutory rate	21.00	%	21.00	%
Permanent differences	(0.66)		—
Federal research and development credits and adjustments	3.88		0.44
Nondeductible research costs	—		(17.75)
State income tax, net of federal benefit	5.67		0.82
Stock compensation	(1.20)		(0.25)
Other	(0.58)		0.01
Change in valuation allowance	(28.11)		(4.27)
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,
	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	80,136	$	75,849
Tax credit carryforwards		12,073		10,063
Capitalized research and development		8,094		139
Capitalized legal expenses		964		1,048
Lease liability		257		99
Other differences		2,365		1,977
Total gross deferred tax assets		103,889		89,175
Less valuation allowance		(103,630)		(89,068)
Net deferred tax assets		259		107
Deferred tax liabilities
ROU asset		(259)		(107)
Net deferred taxes	$	—	$	—