Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of reconciliation of federal statutory income tax rate to effective income tax rate

	Year Ended December 31,
	2022		2021
Federal statutory income tax rate	(21.0)	%	(21.0)	%
State income taxes, net of federal benefit	(4.7)		(6.8)
Federal and state research and development tax credits	(5.1)		(4.5)
Nondeductible items	(1.7)		(11.7)
Change in valuation allowance	32.5		44.0
Effective income tax rate	0.0	%	0.0	%

Schedule of net deferred tax assets

Net deferred tax assets consisted of the following (in thousands):

	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	23,210	$	20,054
Research and development tax credit carryforwards		8,722		7,054
Lease liability		1,139		1,483
Deferred Revenue		3,268		2,160
Accrued expenses and other		4,314		3,194
Capitalization under Section 174(a)		3,857		—
Total deferred tax assets		44,510		33,945
Deferred tax liabilities:
Right-of-use asset		(1,000)		(1,314)
Intangible assets		(2,671)		—
Total deferred tax liabilities		(3,671)		(1,314)
Valuation allowance		(43,510)		(32,631)
Net deferred tax liabilities	$	(2,671)	$	—

Schedule of changes in valuation allowance

Changes in the valuation allowance for deferred tax assets related primarily to the increase in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):

	Year Ended December 31,
	2022		2021
Valuation allowance as of beginning of year	$	32,631	$	22,885
Increases recorded to income tax provision		10,879		9,746
Valuation allowance as of end of year	$	43,510	$	32,631