Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of reconciliation of effective income tax rate differed from the amount computed by applying the federal statutory rate

	For Year Ended
	December 31,
	2019		2018
Tax effected at statutory rate	21.0	%	21.0	%
State taxes	7.2		6.6
Stock compensation	(1.7)		(1.7)
Non deductible expenses	(0.4)		(0.1)
Federal research and development credits	7.8		5.9
Change in valuation allowance	(33.9)		(31.7)
	—	%	—	%

Summary of deferred tax assets (liabilities)

Deferred tax assets (liabilities) consist of the following at December 31, 2019 and 2018 (in thousands):

	As of
	December 31,
	2019		2018
Deferred tax assets:
Reserve and accruals	$	1,704	$	1,031
Net operating loss carryforwards		26,932		25,380
Deferred rent		—		242
Operating lease liability		1,448		—
Deferred revenue		13,173		3,525
Tax credits		9,569		4,976
Stock based compensation		1,049		314
Total gross deferred tax assets		53,875		35,468
Valuation allowance		(52,260)		(34,970)
Total deferred tax assets		1,615		498
Total deferred tax liabilities:
Operating lease right-of-use asset		(1,214)		—
Fixed and intangible assets		(401)		(498)
Total deferred tax liabilities		(1,615)		(498)
Total net deferred tax assets	$	—	$	—