Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate

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

	December 31,
	2020		2019		2018
Federal income tax (benefit) at statutory rate	(21.0)	%	(21.0)	%	(21.0)	%
Change in state tax rate	—	%	(0.2)	%	—	%
Permanent items	0.6	%	(1.0)	%	(0.5)	%
R&D tax credits, net of reserves	(16.3)	%	—	%	—	%
Other	0.8	%	0.7	%	0.5	%
Change in valuation allowance	35.9	%	21.5	%	21.0	%
Effective income tax rate	0.0	%	0.0	%	0.0	%

Schedule of Significant Components of the Company's Deferred Tax Assets

Significant components of the Company’s deferred tax assets are summarized in the table below:

	December 31,
	2020		2019
	(in thousands)
Deferred tax assets:
Federal and state operating loss carryforwards	$	172,530	$	154,912
Equity compensation	21,454		17,217
R&D tax credits, net of reserves	23,452		—
Other	10,361		2,089
Total deferred tax assets	227,797		174,218
Deferred tax liabilities:
Convertible debt	(24,795)		—
Other	(159)		—
Total deferred tax liabilities	(24,954)		—
Valuation allowance	(202,843)		(174,218)
Net deferred tax assets	$	—	$	—