Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Components of Loss Before Income Tax Provision (Benefit)

The components of loss before income tax provision (benefit) for the years ended December 31, 2019 and 2018 consist of the following (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2019			2018
US		(23,167	)		(13,250	)
Foreign		(2,433	)		-
	$	(25,600	)	$	(13,250	)

Summary of Reconciliation of Expected Statutory Federal Income Tax Provision to Actual Income Tax Provision

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision for the years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2019			2018
Income taxes at statutory rates	$	(5,376	)	$	(2,783	)
State income tax, net of federal benefit		1			-
Stock based compensation		276			38
Permanent items		(104	)		1,256
Federal research credit		(684	)		(222	)
Change in federal valuation allowance		5,887			1,711
	$	-		$	-

Significant Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are as follows (in thousands):

	December 31,			December 31,
	2019			2018
Deferred tax assets:
Net operating loss carryforward	$	7,212		$	2,268
Credits		1,227			334
Intangibles		129			185
Other		409			224
Total deferred tax assets		8,977			3,011
Valuation allowance		(8,976	)		(3,011	)
Total deferred tax assets, net of allowance	$	1		$	-
Deferred tax liabilities:
Other		(1	)		-
Total deferred tax liabilities	$	(1	)	$	-
Net deferred taxes	$	-		$	-

Summary of Reconciliation of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the unrecognized tax benefits activity during the years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31,		Year Ended December 31,
	2019		2018
Unrecognized Tax Benefits – Beginning	$	89	$	19
Gross increases – tax positions in prior period		-		-
Gross decreases – tax positions in prior period		-		(11	)
Gross increase – current-period tax positions		271		81
Gross decrease – current-period tax positions		-		-
Settlements		-		-
Lapse of statute of limitations		-		-
Unrecognized Tax Benefits – Ending	$	360	$	89