Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Summary of income tax provision

The income tax provision for the years ended December 31, 2019 and 2018 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

Current:

 

 

 

 

 

 

Federal

 

$

 —

 

$

745

State

 

 

 —

 

 

 —

Total

 

 

 —

 

 

745

Deferred

 

 

  

 

 

  

Federal

 

 

 —

 

 

 —

State

 

 

 —

 

 

 —

Total

 

 

 —

 

 

 —

Total income tax provision (benefit)

 

$

 —

 

$

745

 

Schedule of significant components of the Company's deferred tax assets

Significant components of the Company’s net deferred tax assets as of December 31, 2019 and 2018 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

December 31,

 

    

2019

    

2018

Deferred tax assets:

 

 

 

 

 

 

NOLs

 

$

22,033

 

$

18,942

Research and development credits

 

 

14,138

 

 

13,086

Research and development expenses capitalized for tax purposes

 

 

92,350

 

 

88,485

Deferred rent

 

 

847

 

 

321

Depreciation

 

 

162

 

 

19

Other temporary differences

 

 

5,124

 

 

4,823

Total deferred tax assets

 

 

134,654

 

 

125,676

Deferred tax liabilities:

 

 

  

 

 

  

Prepaid expenses

 

 

(86)

 

 

(64)

Total deferred tax liabilities

 

 

(86)

 

 

(64)

Net deferred tax assets

 

 

134,568

 

 

125,612

Less valuation allowance

 

 

(134,568)

 

 

(125,612)

Net deferred tax asset

 

$

 —

 

$

 —

 

Schedule of reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

    

2019

    

2018

    

2017

 

Percent of pre-tax income:

 

  

 

  

 

  

 

U.S. federal statutory income tax rate

 

21.0

%  

21.0

%  

34.0

%

Permanent Differences

 

 —

%  

(0.1)

%  

0.1

%

State taxes, net of federal benefit

 

8.3

%  

7.9

%  

6.7

%

Research and development credit

 

3.4

%  

2.8

%  

1.7

%

Rate change due to the Tax Act

 

 —

%  

 —

%  

(58.5)

%

Withholding Tax

 

 —

%  

(2.4)

%  

 —

%  

Other

 

3.3

%  

 —

%  

1.0

%

Change in valuation allowance

 

(36.0)

%  

(31.6)

%  

15.0

%

Effective income tax rate

 

 —

%  

(2.4)

%  

 —

%