Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Reconciliation

A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):

	Year ended December 31, 2021			Year ended December 31, 2020
Tax computed at the federal statutory rate	$	(20,034	)	$	(7,529	)
Deferred impact of conversion to C Corporation		(2,131	)		(6,708	)
Partnership income not subject to tax		—			1,837
Nondeductible executive compensation		4,145			—
Stock-based compensation		(1,021	)		—
Research and development and orphan drug credits		(3,091	)		(807	)
Uncertain tax positions		757			197
Other, net		793			242
Valuation allowance		20,582			12,768
Income tax expense	$	—		$	—

Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets (liabilities) are as follows (in thousands):

	December 31, 2021			December 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$	21,935		$	5,607
Guaranteed payments		—			1,702
Liability to licensor		4,159			—
Deferred revenue		—			4,159
Goodwill		3,449			—
Deferred rent		—			504
Lease liability		1,128			—
Accrued compensation		485			585
Research credit carryforwards		2,945			610
Stock-based compensation		697			438
Other		2			0
Gross deferred tax assets		34,800			13,605
Less valuation allowance		(33,351	)		(12,768	)
Total deferred tax assets		1,449			837
Deferred tax liabilities:
Fixed assets		(756	)		(837	)
Operating lease right-of-use asset		(693	)		—
Total deferred tax liabilities		(1,449	)		(837	)
Net deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the unrecognized tax benefits activity during the year ended December 31, 2021 (in thousands):

Balance as of December 31, 2019	$	—
Gross increase – current-period tax positions		210
Balance as of December 31, 2020	$	210
Gross increase – current-period tax positions		801
Balance as of December 31, 2021	$	1,011