Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of reconciliation of income tax rates

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations as of December 31, 2020, 2019 and 2018 are as follows:


	2020		2019		2018
Income tax computed at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	6.7	%	6.1	%	6.5	%
Permanent differences	1.2	%	(2.0)	%	0.6	%

General business credits	3.4	%	10.3	%	4.2	%

Impact of ownership shift	—	%	(53.3)	%	—	%
Change in valuation allowance	(32.3)	%	17.9	%	(32.3)	%
	—	%	—	%	—	%

Schedule of significant components of net deferred tax assets

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019 are as follows:


	2020		2019
Deferred tax assets:
Net operating losses	$	64,259	$	40,554
Tax credit carryforwards	5,670		2,448
Accrued expenses	4,058		2,520
Lease liabilities	3,166		791
Licensed technology	1,534		1,402
Deferred revenue	1,088		1,315
Depreciation	502		492

Other	84		77
Total gross deferred tax assets	80,361		49,599
Valuation allowance	(77,375)		(48,889)
Net deferred tax assets less valuation allowance	2,986		710
Deferred tax liabilities
Right-of-use assets	(2,986)		(710)
Total gross deferred tax liabilities	(2,986)		(710)
Net deferred taxes	$	—	$	—