Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
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,
2021 2020
(In thousands, except percentages)
Tax at federal statutory rate $ (22,489) (21.0) % $ (4,579) (21.0) %
State, net of federal benefit (3,100) (2.9) % (922) (4.2) %
Stock based compensation 341  0.3  % 234  1.1  %
Fair value adjustments 9,766  9.1  % —  —  %
Transaction costs (1,838) (1.7) % —  —  %
Other (990) (0.9) % (527) (2.5) %
Change in valuation allowance 18,310  17.1  % 5,794  26.6  %
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,
2021 2020
(In thousands)
Deferred tax assets
Net operating loss carryforwards $ 51,036  $ 35,818 
Research and development tax credits 7,018  5,286 
Stock based compensation 1,250  594 
Fixed assets and intangibles (342) 61 
Lease liability 2,798  181 
Other timing differences 1,622  565 
Total deferred tax assets $ 63,382  $ 42,505 
Valuation allowance $ (60,653) $ (42,342)
Net deferred tax assets $ 2,729  $ 163 
Deferred tax liabilities
Right of use assets $ (2,729) $ (163)
Total deferred tax liabilities $ (2,729) $ (163)
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,
2021 2020
(In thousands)
Balance at beginning of year $ 2,861  $ 2,430 
Additions based on tax positions related to the current year 823  431 
Balance at end of year $ 3,684  $ 2,861