Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Income tax expense (benefit) at statutory rates	$	(36,539)	$	(24,784)	$	(9,315)
State income tax, net of federal benefit	(11,821)		(7,868)		(3,004)
Permanent items	1,078		210		1
Reserve for uncertain tax positions	2,583		1,170		398
Research and development tax credits	(9,983)		(4,792)		(1,639)
Valuation allowance	54,093		35,326		13,488
Other	589		738		71
Income tax expense (benefit)	$	—	$	—	$	—

Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2022, and 2021 are shown below (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	56,854	$	41,443
Section 174 R&E capitalization	25,039		—
Research and development tax credits	12,947		5,586
Deferred revenue	1,762		3,117
Accrued expenses	3,909		477
Intangibles and fixed assets	1,822		2,137
Lease liability	3,000		3,291
Stock-based compensation	8,614		3,668
Total deferred tax assets	113,947		59,719
Less valuation allowance	(111,489)		(56,693)
Net deferred tax assets	2,458		3,026
Deferred tax liabilities:
Right-of-use asset	(2,458)		(3,026)
Total deferred tax liabilities	(2,458)		(3,026)
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, 2022, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2022		2021		2020
Gross unrecognized tax benefits at the beginning of the year	$	1,996	$	671	$	156
Increases related to current year positions	2,614		1,283		446
Increases related to prior year positions	161		42		62
Other true up	—		—		7
Gross unrecognized tax benefits at the end of the year	$	4,771	$	1,996	$	671