v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of income tax (benefit) expense
Income tax (benefit) expense consists of the following (in thousands):
Years Ended December 31,
20222021
Current tax provision:
Current federal provision$— $— 
Current state provision— — 
Total current provision— — 
Deferred tax provision:  
Deferred federal provision— — 
Deferred state provision— — 
Total tax provision$— $— 
Schedule of effective income tax rate reconciliation
A reconciliation of the expected income tax (benefit) expense computed at the statutory federal rate to income taxes as reflected in the consolidated financial statements was as follows:
Years Ended December 31,
20222021
Income tax benefit computed at federal statutory tax rate21.0 %21.0 %
State tax—net of federal8.0 %6.0 %
Federal credits1.4 %3.1 %
State credits0.1 %1.7 %
Other permanent differences(0.8)%(0.3)%
Stock-based compensation(3.0)%(1.3)%
Valuation allowance(26.7)%(30.2)%
Total— %— %
Schedule of deferred tax assets and liabilities
Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax credit carryforwards. Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows (in thousands):
As of December 31,
20222021
Deferred tax assets:
Net operating losses$54,300 $46,339 
Capitalized Research and Experimental Expenditures27,568 — 
Operating lease liability21,443 9,290 
R&D and investment tax credits11,519 9,560 
Deferred revenue8,457 15,053 
Stock-based compensation6,296 3,675 
Unrealized gain/loss1,090 195 
Capitalized start-up costs699 875 
Other354 426 
Total gross deferred tax assets131,726 85,413 
Deferred tax liabilities:  
Right-of-use asset(19,868)(9,242)
Fixed assets(1,738)(725)
Less: valuation allowance(110,120)(75,446)
Net deferred taxes$— $—