INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income Tax Rate Reconciliation

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations as of December 31, 2020 and 2019, respectively, is as follows:


	December 31,
	2020		2019
U.S. federal statutory income tax rate	21.0	%	21.0	%
State and local taxes, net of federal benefit	3.4	%	1.6	%
Permanent differences	(0.8)	%	(4.2)	%
Research and development credits	2.2	%	1.6	%
Change in valuation allowance	(26.5)	%	(19.8)	%
Other	0.7	%	(0.2)	%
Effective income tax rate	0.0	%	0.0 %

Schedule of Deferred Tax Assets

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows:


	Tax year ended December 31,
	2020		2019
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	24,059	$	9,512
Research and development tax credits	2,477		1,014
Operating lease liabilities	2,147		—
Accruals and other	680		280
Stock-based compensation	1,434		196
Total deferred tax assets	30,797		11,002
Valuation Allowance	(28,709)		(10,995)
Subtotal	2,088		7
Right-of-use assets	(2,063)		—
Net fixed assets	(25)		(7)
Net deferred tax assets	$	—	$	—