Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the income tax expense calculated at the statutory rate to our zero expense for income taxes for the years ended December 31, 2021, 2020, and 2019 were as follows:

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Tax benefit at federal statutory rate	$	(31,726)	$	(18,573)	$	(3,384)
State taxes	(7,138)		(2,748)		(232)
Research tax credits	(597)		(475)		(427)
Change in valuation allowance	38,846		15,062		3,958
Change in fair value of convertible notes	—		5,756		—
Other	615		978		85
Expense/(Benefit) for income taxes	$	—	$	—	$	—

Schedule of Deferred Taxes

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	Year Ended December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Lease liabilities	$	8,750	$	8,312
Stock-based compensation	2,777		—
Accrued compensation	1,320		495
Net operating loss carryforwards	52,052		19,710
Tax credit carryforwards	1,296		673
Other	—		1
Total deferred tax assets	66,195		29,191
Valuation allowance	(58,713)		(20,797)
Net deferred tax assets	7,482		8,394
Deferred tax liabilities:
Right-of-use assets	(6,973)		(7,085)
Fixed assets and intangibles	(509)		(411)
Stock-based compensation	—		(898)
Total deferred tax liabilities	(7,482)		(8,394)
Net deferred tax assets	$	—	$	—

Schedule of Net Operating Loss and Research Credit Carryforwards

The following table sets forth the Company’s federal and state net operating loss and research credit carryforwards as of December 31, 2021:

	Amount		Expiration
	(in thousands)
Net operating losses, federal	$	201,842	Indefinite
Net operating losses, federal	$	601	2037
Net operating losses, state	$	150,932	2037-2041
Tax credits, federal	$	1,542	2037-2041

Schedule of Unrecognized Tax Benefits Roll Forward

The Company applies the provisions of ASC Topic 740 to account for uncertain income tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:

	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Balance at beginning of the year	$	141	$	109	$	32
Additions based on tax positions related to the current year	105		91		77
Additions to tax positions of prior years	—		—		—
Reductions of tax positions of prior years	—		(59)		—
Lapse of the applicable statute of limitations	—		—		—
Balance at the end of the year	$	246	$	141	$	109