Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2020 and 2019 (amounts in thousands):


	Year Ended December 31,
	2020		2019
Income tax benefit computed at federal statutory tax rate	$	(7,687)	$	(5,036)
State income taxes	—		—
Change in valuation allowance	8,717		5,291
Return to provision adjustments	(745)		(24)
General business credits	(1,114)		(672)
Other permanent differences	119		82
Change in uncertain tax position	223		359
Other	487		—
Income tax benefit	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2020		2019
Deferred tax asset:
Net operating loss carryforwards	$	9,891	$	2,948
Accrued expenses and other	1,345		251
Stock compensation	182		25
Credit carryforwards	3,708		1,919
Deferred revenue	2,631		3,264
Capital loss carryforwards	27		—
Gross deferred tax asset	17,784		8,407
Less valuation allowance	(17,285)		(8,233)
Net deferred tax asset	499		174
Deferred tax liability:
Depreciation and amortization	(121)		(158)
Prepaid expenses	(378)		(16)
Total deferred tax liability	(499)		(174)
Total net deferred tax asset	$	—	$	—

Schedule of Unrecognized Tax Benefits

A reconciliation of the Company’s liability for unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2019
Balance, beginning of the year	$	560	$	201
Increase for tax positions related to the current year	223		359
Decrease for tax positions related to prior years	—		—
Balance, end of year	$	783	$	560