Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit)

A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:

	Years Ended December 31,
	2022			2021
U.S. federal statutory income tax rate		21.0	%		21.0	%
State and local income taxes		7.4	%		1.2	%
R&D tax credits		5.9	%		1.7	%
Stock-based compensation		-5.1	%		-0.6	%
Warrant expense		13.0	%		-12.5	%
Change in tax rates		0.4	%		-2.1	%
Provision to return and deferred tax adjustments		10.9	%		—
Valuation allowance		-53.4	%		-8.1	%
Other		-0.1	%		-0.6	%
Effective tax rate		0.0	%		0.0	%

Summary of net deferred tax assets

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021, were as follows (in thousands):

	2022			2021
Deferred tax assets:
Accrued bonus	$	1,018		$	310
Unearned revenue		—			281
Stock-based compensation		2,965			1,002
Accrued expenses		152			119
Warrant expenses		149			138
Depreciation and amortization		2,725			170
Other		1,955			809
Lease liabilities		1,068			1,023
R&D credit carryforwards		6,240			3,781
Net operating loss carryforwards		24,836			14,148
Capitalized R&D costs		8,262			—
Total deferred tax assets		49,370			21,781
Valuation allowance		(48,212	)		(20,388	)
Total deferred tax assets, net of valuation allowance		1,158			1,393
Deferred tax liabilities:
Right of use assets		(989	)		(979	)
Capitalized R&D costs		—			(414	)
Other		(169	)		—
Total deferred tax liabilities		(1,158	)		(1,393	)
Net deferred tax assets (liabilities)	$	—			—

Summary of valuation allowance against its gross deferred tax assets

The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):

	2022		2021
Beginning balance	$	20,388	$	9,747
Charged to costs and expenses		25,925		10,677
Charged (credited) to other accounts		1,899		(36	)
Ending balance	$	48,212	$	20,388