Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of reconciliation of the federal income tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

	Year ended
	December 31,
	2020		2019
Federal tax benefit at statutory rate	21.0	%	21.0	%
State tax, net of federal benefit	5.8		7.9
Research and development credits	0.9		3.8
Permanent differences	(6.8)		(0.1)
Change in valuation allowance	(20.9)		(32.6)
	—	%	—	%

Schedule of Components of the Company's deferred taxes

The components of the Company’s deferred taxes are as follows (in thousands):

	December 31,
(in thousands)	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	13,693	$	10,202
Research and development credits		1,560		1,355
Share-based compensation		82		194
Accrued bonus		201		120
Amortization		2		3
Gross deferred tax assets		15,538		11,874
Less: valuation allowance		(15,435)		(11,711)
Net deferred tax asset		103		163
Deferred tax liability
Depreciation		(103)		(163)
Total deferred tax liabilities	$	—	$	—