| Summary of changes in the valuation allowance for deferred tax assets |
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December 31,
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2019
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2018
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Deferred tax assets:
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Net operating loss carryforwards
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$
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61,160
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$
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25,508
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Research and development tax credit carryforwards
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13,525
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3,824
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Accrued expenses
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1,142
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1,139
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Capitalized intellectual property costs
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1,073
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764
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Capitalized research and development expense
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109
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120
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Operating lease liabilities
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12,952
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—
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Stock‑based compensation expense
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9,156
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2,652
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Total deferred tax assets
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99,117
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34,007
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Deferred tax liabilities:
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Operating lease assets
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(12,720)
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—
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Depreciation and other
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(513)
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(341)
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Total deferred tax liabilities
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(13,233)
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(341)
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Valuation allowance
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(85,884)
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(33,666)
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Net deferred tax assets
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$
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—
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$
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—
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| Net deferred tax assets |
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Year ended
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December 31,
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2019
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2018
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Valuation allowance as of beginning of year
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$
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33,666
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$
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12,575
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Decreases recorded as benefit to income tax provision
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—
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—
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Increases recorded to income tax provision
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52,218
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21,091
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Valuation allowance as of end of year
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$
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85,884
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$
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33,666
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