INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

	Years Ended December 31,
	2020		2019
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	5.1	%	7.2	%
Permanent differences	(5.8	%)	(3.3	%)
Federal and state research and development tax credits	1.8	%	27.0	%
Other	0.4	%	(3.5	%)
Provision to return adjustment	(0.3	%)	(7.3	%)
Change in deferred tax asset valuation allowance	(22.2	%)	(41.1	%)
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets are as follows:

	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	34,040	$	12,088
Deferred revenues	10		1,678
Research and development credit carryforwards	4,988		3,179
Accrued expenses and other	1,145		1,610
Stock-based compensation	167		113
Depreciation	(100)		16
Total deferred tax assets	40,250		18,684
Less: valuation allowance	(40,250)		(18,684)
Net deferred tax assets	$	—	$	—