Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of federal rate

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

	For the years ended December 31,
	2022		2021
Statutory federal income tax rate	21	%	21	%
State taxes, net of federal tax benefit	10	%	13	%
State rate change	(1)	%	0	%
Stock-based compensation	(22)	%	(11)	%
Other	3	%	0	%
Credits	4	%	0	%
None-deductible items	(12)	%	0	%
Section 162(m) disallowance	(3)	%	0	%
Change in fair value of warrant liability	48	%	0	%
Change in valuation allowance	(49)	%	(23)	%
Income taxes provision (benefit)	0	%	0	%

Schedule of deferred tax assets

The components of the net deferred tax asset as of December 31, 2022 and 2021 are the following (in thousands):

	As of December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	25,660	$	23,719
Stock compensation and other		42		293
In process research and development		1,603		1,162
Accruals and reserves		64		6
Business interest expense disallowance		122		—
Section 174 capitalization		622		—
Tax credits		2,859		2,640
Total deferred tax assets		30,972		27,820
Less valuation allowance		(30,972)		(27,820)
Deferred tax assets, net of valuation allowance	$	—	$	—