Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income taxes

Summary of reconciliation of U.S. statutory rate to the Company’s effective tax rate

Year ended December 31,	2019		2018
Federal rate	21.0	%	21.0	%
State rate	7.5		7.5
Valuation allowance	(28.6)		(26.8)
Other	0.1		(1.7)
	—	%	—	%

Schedule of significant components of the Company’s net deferred tax assets

The significant components of the Company’s net deferred tax assets are as follows (in thousands):

December 31,	2019		2018
Deferred tax assets
Net operating loss	$	41,727	$	27,749
Stock‑based compensation		2,603		—
Accrued clinical trials		176		322
Accrued compensation		509		582
Accrued expenses and other, net		383		374
Total deferred tax assets		45,398		29,027
Less valuation allowance		(45,398)		(28,963)
Net deferred tax assets		—		64
Deferred tax liabilities
Stock‑based compensation and other, net		—		(64)
Net deferred taxes	$	—	$	—