Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

	Year Ended December 31,
	2019		2018
Federal income tax (benefit) at statutory rate	21.00	%	21.00	%
Permanent differences	(0.57)		(0.68)
Federal research and development credits and adjustments	2.42		4.25
State income tax, net of federal benefit	5.50		6.84
Other	0.49		(1.41)
Change in valuation allowance	(28.85)		(30.00)
Effective income tax rate	—	%	—	%

Schedule of components of deferred tax assets

The Company's deferred tax assets consisted of the following (in thousands):

	Year Ended December 31,
	2019		2018
Deferred tax assets
Net operating loss carryforwards	$	55,283	$	48,107
Tax credit carryforwards		8,030		7,174
Capitalized research and development		922		1,394
Capitalized legal expenses		1,073		1,132
Lease liability		639		—
Other differences		1,453		1,370
Total deferred tax assets		67,400		59,177
Deferred tax liabilities
ROU asset		(639)		—
Valuation allowance		(66,761)		(59,177)
Net deferred tax assets	$	—	$	—