Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate

A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands):

	Year Ended December 31,
	2020			2019
Income tax expense (benefit) at statutory rates	$	(9,315	)	$	(5,194	)
State income tax, net of federal benefit		(3,004	)		(1,057	)
Permanent items		1			14
Book income for pre-conversion period		—			527
Interest on convertible notes		—			445
Realized gain on conversion of convertible notes		—			958
Reserve for uncertain tax positions		398			140
Research and development tax credits		(1,639	)		(584	)
Deferred taxes recognized upon conversion		—			(3,076	)
Valuation allowance		13,488			7,827
Other		71			—
Income tax expense (benefit)	$	—		$	—

Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are shown below (in thousands):

	December 31,
	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	11,277		$	4,275
Research and development tax credits		1,855			438
Deferred revenue		4,443			—
Accrued expenses		153			179
Intangibles and fixed assets		2,483			2,721
Lease liability		263			265
Stock-based compensation		969			160
Total deferred tax assets		21,443			8,038
Less valuation allowance		(21,316	)		(7,827	)
Net deferred tax assets		127			211
Deferred tax liabilities:
Right-of-use asset		(127	)		(211	)
Total deferred tax liabilities		(127	)		(211	)
Net deferred tax assets	$	—		$	—

Summarizes of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020		2019
Gross unrecognized tax benefits at the beginning of the year	$	156	$	—
Increases related to current year positions		446		156
Increases related to prior year positions		62		—
Other true up		7		—
Gross unrecognized tax benefits at the end of the year	$	671	$	156