Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following:

	Year Ended December 31,
(in thousands)	2020			2019
Federal		(68,356	)		(23,839	)
Foreign		(1,428	)		—
Loss before provision for income taxes	$	(69,784	)	$	(23,839	)

Schedule of Income Tax Expense (Benefit) Reconciliation

The Company’s income tax expense (benefit) for the years ended December 31, 2020 and 2019 relating to federal and state tax jurisdictions differs from the amounts determined by applying the statutory federal income tax rate based on the following:

	Years Ended December 31,
(in thousands)	2020					2019
Benefit at the federal rate	$	(14,655	)	21.0	%	$	(5,006	)	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit		(1,943	)	2.8	%		(565	)	2.4	%
Change in valuation allowance		17,756		(25.4	%)		6,354		(26.7	%)
R&D tax credits		(1,220	)	1.7	%		(753	)	3.2	%
Other		62		(0.1	)%		(30	)	0.1	%
Total Income Tax Expense/(Benefit)	$	—		—		$	—		—

Summary of Components of Deferred Income Taxes

Components of deferred income taxes consist of the following:

	December 31,
(in thousands)	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	20,866		$	7,604
Operating lease liabilities		2,244			2,747
Non-qualified stock compensation		1,326			—
R&D tax credits		2,215			753
Other		910			183
Total deferred tax assets		27,561			11,287
Valuation allowance		(24,555	)		(6,799	)
Net deferred tax asset (liability)	$	3,006		$	4,488
Deferred tax liabilities:
Operating lease right-of-use assets		(2,244	)		(2,747	)
Restricted stock compensation		(629	)		(1,650	)
Depreciation		(65	)		(75	)
Other		(68	)		(16	)
Total deferred tax liabilities		(3,006	)		(4,488	)
Net deferred tax asset (liability)	$	—		$	—