INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income Tax Rate Reconciliation

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations as of December 31, 2019 and 2018, respectively, is as follows:


	December 31,
	2019		2018
U.S. federal statutory income tax rate	21.0	%	21.0 %
State and local taxes, net of federal benefit	1.6	%	5.1 %
Permanent differences	(4.2)	%	0.0	%
Research and development credits	1.6	%	3.7 %
Change in valuation allowance	(19.8)	%	(29.8)	%
Other	(0.2)	%	0.0	%
Effective income tax rate	0.0 %		0.0 %

Schedule of Deferred Tax Assets

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands):


	Tax year ended December 31,
	2019		2018
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	9,512	$	2,904
Research and development tax credits	1,014		459
Accrual to cash adjustment	—		657
Accruals and other	280		—
Stock-based compensation	196		—
Total deferred tax assets	11,002		4,020
Valuation Allowance	(10,995)		(4,010)
Subtotal	7		10
Net fixed assets	(7)		(10)
Net deferred tax assets	$	—	$	—