Income Taxes (Tables)

The components of net loss before tax provision from income taxes are as follows (in thousands):

The components of the benefit for income taxes are as follows (in thousands):


	Year Ended
	December 31,
	2020		2019		2018
Current income tax provision (benefit)
Federal	$	(24)	$	49	$	(25)
State		(27)		61		7
Total current income tax provision (benefit)		(51)		110		(18)
Deferred income tax (benefit) provision
Federal		(435)		(295)		(167)
State		(238)		(69)		(211)
Total deferred income tax (benefit)		(673)		(364)		(378)
Total benefit from income taxes	$	(724)	$	(254)	$	(396)


	Year Ended
	December 31,
	2020		2019		2018
Benefit for income taxes at statutory rate	19	%	19	%	19	%
(Decreases) increases resulting from:
Federal tax credits	0.9	%	1.3	%	1.1	%
Change in valuation allowance	(15.4)	%	(8.0)	%	(7.2)	%
Net losses surrendered for research credit	(6.2)	%	(5.3)	%	(3.7)	%
Preferred share warrants	—	%	(3.3)	%	(0.6)	%
Impact of statutory rate change	1.8	%	—	%	—	%
Other	1.3	%	(2.9)	%	(6.8)	%
Effective income tax rate	1.4	%	0.8	%	1.8	%

Significant components of the Company’s current and deferred tax assets at December 31, 2020 and 2019, were as follows (in thousands):


	Year Ended
	December 31,
	2020		2019
Deferred tax assets:
Operating loss carryforwards	$	13,657	$	7,082
Research credit carryforwards		1,233		434
Operating lease liability		285		439
Accrued expenses and other		3,050		1,779
Total deferred tax assets		18,225		9,734
Deferred tax liabilities:
Operating lease right-of-use asset		(270)		(422)
Depreciation & amortization		(311)		(326)
Total deferred tax liabilities		(581)		(748)
Valuation allowance		(16,085)		(8,104)
Net deferred tax assets	$	1,559	$	882