Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Summary of loss before income taxes

Loss before income taxes is allocated as follows (in thousands):

	Year Ended December 31,
	2019		2018
U.S. operations	$	18,544	$	7,855
Foreign operations		35,577		28,871
Loss before income taxes	$	54,121	$	36,726

Schedule of components of the net deferred tax asset

The components of the net deferred tax asset are as follows (in thousands):

	December 31,
	2019		2018
Gross deferred tax assets:
Net operating loss carryforwards	$	40,120	$	36,383
Accrued expenses		200		52
Contributions		4		3
Depreciation		42		—
Stock‑based compensation		2,967		1,640
Research and development and other credits		9,118		6,545
Total gross deferred tax assets	$	52,451	$	44,623
Gross deferred tax liabilities:
Depreciation		—		(18)
Total gross deferred tax liabilities		—		(18)
Net deferred tax assets		52,451		44,605
Less: valuation allowance		(52,451)		(44,605)
Net deferred tax assets after valuation allowance	$	—	$	—

Schedule of reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes

	Year Ended December 31,
	2019		2018
Federal income tax expense at statutory rate	21.0	%	21.0	%
Permanent items	(1.0)		(0.9)
State income tax, net of federal benefit	2.3		0.1
R&D tax credits	4.4		4.3
Change in state apportionment	1.1		(1.1)
Foreign income tax effect	(13.8)		(16.5)
Other	0.5		(1.6)
Change in valuation allowance	(14.5)		(5.3)
Effective income tax rate	0.0	%	0.0	%