INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Summary of deferred income tax assets and liabilities

Deferred income tax assets and liabilities consist of the following (in thousands):

	Year ended
	December 31,
	2019		2018
Deferred tax assets/(liabilities)
Accrued expenses	$	—	$	—
Operating lease liability		706		—
Stock‑based compensation		1,582		98
Capitalized startup costs		22		35
Right of use asset		(705)		—
Net operating losses		19,937		6,176
Total deferred tax assets		21,542		6,309
Less: valuation allowance		(21,542)		(6,309)
Net deferred tax asset (liability)	$	—	$	—

Schedule of the U.S. federal statutory corporate tax rate reconciles to the Company’s effective tax rate

	Year Ended
	December 31,
	2019		2018
Federal statutory rate	21.0	%	21.0	%
State and local taxes net of federal tax benefit	13.2		13.5
Tax rate change	0.0		0.3
Change in valuation allowance	(33.4)		(28.5)
Permanently disallowed interest expense	(0.7)		(6.3)
Other	(0.1)		—
Total	0.0	%	0.0	%