Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the provision computed at the federal statutory rate to the Company's provision (benefit) for income taxes as follows:
December 31,
2022 2021
(In thousands, except percentages)
Tax at federal statutory rate $ 2,104  (21.0) % $ (22,489) (21.0) %
State, net of federal benefit (5,083) 50.7  % (3,100) (2.9) %
Stock based compensation 766  (7.6) % 341  0.3  %
Fair value adjustments (23,773) 237.3  % 9,766  9.1  %
Research and development credits (1,358) 13.6  % (1,019) —  %
Transaction costs —  —  % (1,838) (1.7) %
Other 170  (1.8) % 29  (0.9) %
Change in valuation allowance 27,174  (271.2) % 18,310  17.1  %
      Total provision for income taxes $ —  —  % $ —  —  %
Components of Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities are as follows:
December 31,
2022 2021
(In thousands)
Deferred tax assets
Net operating loss carryforwards $ 64,731  $ 51,036 
Research and development tax credits 9,269  7,018 
Stock based compensation 3,764  1,250 
Fixed assets and intangibles (410) (342)
Lease liability 3,694  2,798 
Section 174 Research and development capitalization 7,345  — 
Other timing differences 3,093  1,622 
Total deferred tax assets $ 91,486  $ 63,382 
Valuation allowance $ (87,827) $ (60,653)
Net deferred tax assets $ 3,659  $ 2,729 
Deferred tax liabilities
Right of use assets $ (3,659) $ (2,729)
Total deferred tax liabilities $ (3,659) $ (2,729)
Net deferred tax assets $ —  $ — 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
December 31,
2022 2021
(In thousands)
Balance at beginning of year $ 3,684  $ 2,861 
Additions based on tax positions related to the current year 1,066  823 
Balance at end of year $ 4,750  $ 3,684