Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate

A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019
Income tax expense (benefit) at statutory rates	$	(24,784	)	$	(9,315	)	$	(5,194	)
State income tax, net of federal benefit		(7,868	)		(3,004	)		(1,057	)
Permanent items		210			1			14
Book income for pre-conversion period		—			—			527
Interest on convertible notes		—			—			445
Realized gain on conversion of convertible notes		—			—			958
Reserve for uncertain tax positions		1,170			398			140
Research and development tax credits		(4,792	)		(1,639	)		(584	)
Deferred taxes recognized upon conversion		—			—			(3,076	)
Valuation allowance		35,326			13,488			7,827
Other		738			71			—
Income tax expense (benefit)	$	—		$	—		$	—

Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2021 and 2020 are shown below (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	41,443		$	11,277
Research and development tax credits		5,586			1,855
Deferred revenue		3,117			4,443
Accrued expenses		477			153
Intangibles and fixed assets		2,137			2,483
Lease liability		3,291			263
Stock-based compensation		3,668			969
Total deferred tax assets		59,719			21,443
Less valuation allowance		(56,693	)		(21,316	)
Net deferred tax assets		3,026			127
Deferred tax liabilities:
Right-of-use asset		(3,026	)		(127	)
Total deferred tax liabilities		(3,026	)		(127	)
Net deferred tax assets	$	—		$	—

Summarizes of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2021 and 2020 (in thousands):

	Year Ended December 31,
	2021		2020
Gross unrecognized tax benefits at the beginning of the year	$	671	$	156
Increases related to current year positions		1,283		446
Increases related to prior year positions		42		62
Other true up		—		7
Gross unrecognized tax benefits at the end of the year	$	1,996	$	671