Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate

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

	Year Ended December 31, 2020			Year Ended December 31, 2019
Federal income tax at statutory rate		21.00	%		21.00	%
Permanent differences		(0.79	)		(0.67	)
Federal and state research and development credits		2.57			2.06
Federal orphan drug credits		4.28			—
State income tax, net of federal benefit		6.14			6.16
Other		0.47			0.48
Change in valuation allowance		(33.67	)		(29.03	)
Effective income tax rate		—	%		—	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consist of the following (in thousands):

	December 31, 2020			December 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$	46,603		$	30,444
Research and development credit carryforwards		6,842			4,658
Orphan drug credit carryforwards		3,032			—
Intangible assets		6,722			7,235
Deferred revenue		1,791			—
Accrued expenses and other		2,240			1,149
Deferred lease incentive		962			1,090
Deferred rent		450			426
Gross deferred tax assets		68,642			45,002
Valuation allowance		(67,427	)		(43,586	)
Net deferred tax assets		1,215			1,416
Deferred tax liability		(1,215	)		(1,416	)
Net deferred tax assets	$	—		$	—