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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

2020

 

 

2019

 

 

Federal income tax at statutory rate

 

 

21.0

 

%

 

21.0

 

%

Permanent differences

 

 

(0.5

)

 

 

(0.9

)

 

State income tax, net of federal benefit

 

 

5.0

 

 

 

4.8

 

 

Federal and state research and development tax credits

 

 

0.9

 

 

 

0.7

 

 

Valuation allowance

 

 

(26.4

)

 

 

(24.6

)

 

Other

 

 

 

 

 

(1.0

)

 

Effective income tax rate

 

 

 

%

 

 

%

Significant Components of Deferred Tax Assets The significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are comprised of the following (dollar amounts in thousands):

 

 

December 31,

 

 

 

2020

 

 

2019

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating losses

 

$

17,712

 

 

$

8,584

 

Research and development credits

 

 

1,007

 

 

 

429

 

Stock options

 

 

157

 

 

 

20

 

Accrued expenses

 

 

594

 

 

 

222

 

Deferred rent

 

 

408

 

 

 

 

Amortization

 

 

4,520

 

 

 

 

Other

 

 

173

 

 

 

77

 

Gross deferred tax assets

 

 

24,571

 

 

 

9,332

 

Less: Valuation allowance

 

 

(24,199

)

 

 

(9,320

)

Net deferred tax assets

 

 

372

 

 

 

12

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation of fixed assets

 

 

(372

)

 

 

(12

)

Gross deferred tax liabilities

 

 

(372

)

 

 

(12

)

Non-current net deferred tax assets (liabilities)

 

$

 

 

$