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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Summary of Statutory Tax Rates Applicable to Income of Company and Subsidiaries | The Company is taxed according to U.S. federal and state tax laws and Israeli tax laws. The statutory tax rates applicable to the income of the Company and its subsidiaries for the periods presented are as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
89bio, Inc. |  |  | 21 | % |  |  | 21 | %
89Bio Ltd. |  |  | 23 | % |  |  | 23 | %
89bio Management, Inc. |  |  | 21 | % |  |  | 21 | %
UAB 89bio Lithuania |  |  | 15 | % |  |  | 15 | %
Summary of Income Tax Benefit (Expense) | The income tax benefit is comprised of (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | (11 | )
State |  |  | (2 | ) |  |  | 1 |
Foreign |  |  | (1 | ) |  |  | — |
Total |  |  | (3 | ) |  |  | (10 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 150 |  |  |  | 69 |
Total |  |  | 150 |  |  |  | 69 |
Income tax benefit |  | $ | 147 |  |  | $ | 59 |
Summary of Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets for the periods presented are as follows (in thousands):
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
U.S. net operating loss carryforwards |  | $ | 29,094 |  |  | $ | 11,342 |
Research and development expenses |  |  | 6,529 |  |  |  | 5,392 |
Israel net operating loss carryforwards |  |  | 4,262 |  |  |  | 3,978 |
Stock-based compensation |  |  | 1,969 |  |  |  | 610 |
Accrued expenses |  |  | 220 |  |  |  | 635 |
Other |  |  | 191 |  |  |  | 48 |
Total deferred tax assets |  |  | 42,265 |  |  |  | 22,005 |
Less: valuation allowance |  |  | (42,046 | ) |  |  | (21,936 | )
Net deferred tax assets |  | $ | 219 |  |  | $ | 69 |
Summary of Loss from Operations Before Taxes on Income | The Company recorded a loss from operations, before income tax for the periods presented as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
United States |  | $ | (91,141 | ) |  | $ | (58,760 | )
Lithuania |  |  | 10 |  |  |  | (73 | )
Israel |  |  | 862 |  |  |  | 9,275 |
Net loss before income tax |  | $ | (90,269 | ) |  | $ | (49,558 | )
Summary of Reconciliation of Income Tax Benefit (Expense) Statutory Tax Rate to Effective Tax Rate | The reconciliation of income tax benefit based on the statutory tax rate to the effective tax rate for the periods presented is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Income tax benefit computed at statutory rates |  | $ | 18,757 |  |  | $ | 8,285 |
Change in valuation allowance |  |  | (20,111 | ) |  |  | (11,914 | )
Foreign rate differential |  |  | (19 | ) |  |  | 1,671 |
Change in Israel effective tax rate due to the 2019 reorganization |  |  | (2 | ) |  |  | 647 |
Research and development credits, net of uncertain tax position |  |  | 1,331 |  |  |  | 815 |
Other |  |  | 191 |  |  |  | 555 |
Income tax benefit |  | $ | 147 |  |  | $ | 59 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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=121826272&loc=d3e32537-109319 + Details
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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=121826272&loc=d3e32687-109319 + Details
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