INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2019		2018
Federal statutory income tax rate	21.00	%	21.00	%
State taxes, net of federal benefit	3.16		3.71
Research and development tax credits	3.25		8.77
Permanent differences and other	(2.51	)	2.36
Transaction costs	(1.88	)	—
Stock-based compensation	(1.02	)	—
Change in tax rate	0.02		1.80
Change in deferred tax asset valuation allowance	(22.02	)	(37.64	)
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Approximate deferred tax assets (liabilities) resulting from timing differences between financial and tax bases were associated with the following items (in thousands):

	Year Ended December 31,
	2019			2018
Net operating loss carryforwards	$	82,703		$	8,918
Research and development credit	15,509			3,207
Depreciable assets	10,443			—
Accrued expenses	719			—
Deferred revenue	449			2,040
Net book value of intangible assets	415			75
Stock-based compensation	332			520
Other	63			514
Net deferred tax asset	110,633			15,274
Less: valuation allowance	(110,633		)	(15,274		)
Net deferred tax assets	$	—		$	—

Summary of Federal and State Carryforwards and Credits Maturity

Based upon statute, federal and state NOLs and credits are expected to expire as follows (in thousands):

Expiration Date:	Federal NOLs		State NOLs		Federal R&D Credit		Federal Orphan Drug Credit		State R&D Credit
2020	$	13,311	$	—	$	334	$	2,288	$	—
2021	9,866		—		334		1,962		—
2022	24,100		—		483		1,610		—
2023	24,743		—		322		929		—
2024	26,332		—		213		663		—
2025 and thereafter	242,941		350,557		7,387		13,813		—
Indefinite	62,618		—		—		—		9,265
Totals	$	403,911	$	350,557	$	9,073	$	21,264	$	9,265