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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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,
 
    
2020
   
2019
 
Federal statutory income tax rate
     21.0   %      21.0   % 
State taxes, net of federal benefit
             4.2               5.5  
Federal and state research and development tax credits
     12.4       19.4  
Nondeductible items
     (0.7     (1.6
Stock-based compensation
                         97.2                           13.3  
Other
     2.2       (0.9
Change in valuation allowance
     (136.3     (56.7
    
 
 
   
 
 
 
Effective income tax rate
     %      % 
    
 
 
   
 
 
 
Schedule of Deferred Tax Assets and Liabilities
Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following (in thousands):
 
    
December 31,
 
    
2020
   
2019
 
Deferred tax assets:
     
Net operating loss carryforwards
   $               19,197     $ 8,165  
Research and development tax credit carryforwards
     6,470       5,040  
Accrued expenses and other current liabilities
     566       671  
Intangible assets
     1,598       33  
Property and equipment
     220       215  
Stock-based compensation
     3,092       1,463  
Operating lease liability
     2,829        
Other
     221       725  
    
 
 
   
 
 
 
Total deferred tax assets
     34,193                     16,312  
Valuation allowance
     (30,558     (15,292
    
 
 
   
 
 
 
Net deferred tax assets
     3,635       1,020  
    
 
 
   
 
 
 
Deferred tax liabilities:
                
Capitalized software development costs
     (1,088     (1,020
Operating lease
right-of-use
assets
     (2,547      
    
 
 
   
 
 
 
Deferred tax liabilities
     (3,635      (1,020
  
 
 
    
 
 
 
Net deferred tax assets and liabilities
   $     $  
    
 
 
   
 
 
 
Summary of Changes in Valuation Allowance The changes in the valuation allowance were as follows (in thousands):
 
    
Year Ended December 31,
 
    
2020
    
2019
 
Valuation allowance as of beginning of year
   $ 15,292      $ 11,257  
Increases recorded to tax provision
     15,266        4,035  
    
 
 
    
 
 
 
Valuation allowance as of end of year
   $ 30,558  
 
 
 
  
$ 15,292