Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Summary of reconciliation of federal statutory income tax rate to the Company’s effective income tax rate

	December 31,
	2019		2018
Expected income tax benefit at the federal statutory rate	21.0	%	21.0	%
State taxes, net of federal benefit	7.0		6.5
Research and development credit, net	4.9		7.2
Non-deductible items	(0.5)		(2.2)
Prior year provision to return adjustments	(2.5)		(7.7)
Other	—		0.3
Change in valuation allowance	(29.9)		(25.1)
Total	—	%	—	%

Summary of components of deferred tax assets

	December 31,
(in thousands)		2019		2018
Deferred tax assets:
Federal and state net operating loss carryforwards	$	15,080	$	11,946
Research and development tax credits		4,197		3,393
Deferred revenue		5,928		—
Charitable contribution carryforwards		306		165
Accruals and other		826		313
Gross deferred tax assets		26,337		15,817
Less: valuation allowance		(25,633)		(15,525)
Total deferred tax assets	$	704	$	292
Deferred tax liabilities:
Depreciation and amortization	$	(704)	$	(292)
Gross deferred tax liabilities	$	(704)	$	(292)
Net deferred tax assets	$	—	$	—