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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
​		2020		2019	​
Tax effected at statutory rate		21.0	%	21.0	%
State taxes		6.8		7.2	​
Stock compensation		1.6		(1.7)	​
Non deductible expenses		(2.4)		(0.4)	​
Federal research and development credits		7.9		7.8	​
Other	​	(0.5)	​	—	​
Change in valuation allowance		(34.4)		(33.9)	​
​		—	%	—	%

Summary of deferred tax assets (liabilities)

Deferred tax assets (liabilities) consist of the following at December 31, 2020 and 2019 (in thousands):

​	​	​	​	​	​	​
​		As of
​	​	December 31,
​		2020			2019
Deferred tax assets:	​	​		​	​
Reserve and accruals	​	$	2,635	​	$	1,704
Net operating loss carryforwards	​		46,112	​		26,932
Operating lease liability	​	​	9,196	​	​	1,448
Deferred revenue	​	​	14,194	​	​	13,173
Tax credits	​		17,423	​		9,569
Stock based compensation	​	​	1,892	​	​	1,049
Total gross deferred tax assets	​		91,452	​		53,875
Valuation allowance	​		(81,980)	​		(52,260)
Total deferred tax assets	​	​	9,472	​	​	1,615
Total deferred tax liabilities:	​	​	​	​	​	​
Operating lease right-of-use asset	​	​	(8,805)	​	​	(1,214)
Fixed and intangible assets	​		(667)	​		(401)
Total deferred tax liabilities	​	​	(9,472)	​	​	(1,615)
Total net deferred tax assets	​	$	—	​	$	—

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- References

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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