INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2022		2021
Federal statutory income tax rate	21.00	%	21.00	%
State taxes, net of federal benefit	2.88		4.93
Research and development tax credits	1.46		2.22
Permanent differences and other	(0.92)		1.29
Stock-based compensation	(0.46)		(0.36)
Change in deferred tax asset valuation allowance	(23.96)		(29.08)
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Approximate deferred tax assets (liabilities) resulting from timing differences between financial and tax bases were associated with the following items (in thousands):

	Year Ended December 31,
	2022		2021
NOL carryforwards	$	104,278	$	100,831
Research and development and other tax credits	17,247		16,881
Depreciable assets	4,812		6,481
Capitalized research and development costs	2,347		—
Intangible assets	1,797		1,470
Stock-based compensation	1,505		1,238
Other	82		110
Net deferred tax asset	132,068		127,011
Less: valuation allowance	(132,068)		(127,011)
Net deferred tax assets	$	—	$	—

Summary of Federal and State Carryforwards and Credits Maturity

All federal and state NOL and credit carryforwards listed above are reflected before the reduction for amounts effectively eliminated under Sections 382 and 383. Based upon statute, federal and state NOLs and credits are expected to expire as follows (in thousands):

Expiration Date:	Federal NOLs		State NOLs		Federal R&D Credit		Federal Orphan Drug Credit		State R&D Credit
2023	22,398		—		322		929		—
2024	25,032		—		213		663		—
2025	27,190		—		456		507		—
2026 and thereafter	224,441		383,032		8,374		13,306		—
Indefinite	148,920		61,330		—		—		9,645
Totals	$	447,981	$	444,362	$	9,365	$	15,405	$	9,645