Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2020			2019
Expected income tax benefit at the federal statutory rate		21.0	%		21.0	%
State taxes, net of federal benefit		5.1			5.1
Research and development credit, net		8.2			10.9
Non-deductible items and others		(0.2	)		0.1
Change in valuation allowance		(34.1	)		(37.1	)
Total		0.0	%		0.0	%

Schedule of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2020 and 2019 (in thousands):

	As of December 31,
	2020			2019
Deferred tax assets:
Federal and state net operating loss carryforwards	$	67,737		$	60,467
Research and development tax credits		20,513			18,161
Depreciation and amortization		424			439
Reserves and accruals		229			168
Other		381			274
Total deferred tax assets		89,284			79,509
Less: valuation allowance		(89,284	)		(79,509	)
Net deferred tax assets		-			-
Deferred tax liability:
Net deferred tax assets and liability	$	-		$	-