Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of income tax provision

The income tax provision for the years ended December 31, 2020 and 2019 are as follows (in thousands):

December 31, 

    

2020

    

2019

Current:

Foreign

$

300

$

Federal

State

 

 

Total

 

300

 

Deferred

 

  

 

  

Foreign

Federal

State

 

 

Total

 

 

Total income tax provision (benefit)

$

300

$

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, 2020 and 2019 are as follows (in thousands):

December 31, 

    

2020

    

2019

Deferred tax assets:

NOLs

$

25,949

$

22,033

Research and development credits

 

14,920

 

14,138

Research and development expenses capitalized for tax purposes

 

93,812

 

92,350

Equity-based compensation

4,130

4,586

Deferred rent

 

772

 

847

Depreciation

 

246

 

162

Other temporary differences

 

730

 

538

Total deferred tax assets

 

140,559

 

134,654

Deferred tax liabilities:

 

  

 

  

Prepaid expenses

 

(119)

 

(86)

Total deferred tax liabilities

 

(119)

 

(86)

Net deferred tax assets

 

140,440

 

134,568

Less valuation allowance

 

(140,440)

 

(134,568)

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, 

    

2020

    

2019

    

Percent of pre-tax income:

 

  

 

  

 

U.S. federal statutory income tax rate

 

21.0

%  

21.0

%  

Permanent Differences

 

1.0

%  

%  

State taxes, net of federal benefit

 

4.8

%  

8.3

%  

Research and development credit

 

2.6

%  

3.4

%  

Withholding Tax

(1.0)

%  

%  

Stock compensation

(6.9)

%  

%  

Other

 

(2.3)

%  

3.3

%  

Change in valuation allowance

 

(20.2)

%  

(36.0)

%  

Effective income tax rate

 

(1.0)

%  

%