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 Tax Disclosure [Abstract]  
Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Federal statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

34.0

%

State tax

 

 

-

 

 

 

-

 

 

 

-

 

Change in valuation allowance

 

 

(22.7

)

 

 

(32.7

)

 

 

20.8

 

Tax credits

 

 

4.9

 

 

 

7.5

 

 

 

3.8

 

Stock compensation

 

 

(1.3

)

 

 

(0.5

)

 

 

-

 

ASC 606 adoption

 

 

(3.9

)

 

 

-

 

 

 

-

 

Remeasurement of federal tax rate change

 

 

-

 

 

 

-

 

 

 

(63.4

)

Other

 

 

2.0

 

 

 

4.7

 

 

 

4.8

 

Total

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Schedule of Components of Deferred Tax Assets

The components of the Company’s deferred tax assets consist of the following:

 

 

 

December 31

 

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

31,010

 

 

$

29,296

 

Research and development credits

 

 

20,098

 

 

 

15,680

 

Deferred revenue

 

 

7,680

 

 

 

3,027

 

Accruals and other

 

 

3,718

 

 

 

2,342

 

Fixed asset basis

 

 

795

 

 

 

363

 

Total deferred tax assets

 

 

63,301

 

 

 

50,708

 

Valuation allowance

 

 

(63,301

)

 

 

(50,708

)

Net deferred tax assets

 

$

-

 

 

$

-

 

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

 

 

 

December 31

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

(in thousands)

 

Gross unrecognized tax benefit at January 1

 

$

2,795

 

 

$

2,305

 

 

$

1,635

 

Additions for tax positions taken in the current year

 

 

1,005

 

 

 

741

 

 

 

670

 

Reductions for tax positions of prior years

 

 

(17

)

 

 

(251

)

 

 

-

 

Gross unrecognized tax benefit at December 31

 

$

3,783

 

 

$

2,795

 

 

$

2,305