Annual report pursuant to Section 13 and 15(d)

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- Document and Entity Information
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Accounting Policies
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Income Taxes (Tables)

v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

The components of the income tax provision for the years ended December 31, 2022, 2021 and 2020 are as follows:


	Year Ended December 31,
	2022		2021		2020
Current	$	3	$	1	$	4
Deferred		—		—		—
Total	$	3	$	1	$	4

Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate

A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows for the years ended December 31, 2022, 2021 and 2020:


	Year ended
	December 31,
	2022				2021				2020
Federal income tax computed at federal statutory tax rate		21.00		%		21.00		%		21.00		%
State income tax, net of federal benefit		8.09				7.26				6.12
Permanent items		7.92				3.60				(0.68	)
Federal and state research and development credits		7.29				5.79				3.89
Rate change		—				—				—
Expiring Tax Attributed - IRC 382		(65.82	)			—				—
Stock Option Cancellations		(2.98	)			(0.61	)			(0.29	)
Other		(0.27	)			(0.80	)			(0.59	)
Change in valuation allowance		24.77				(36.24	)			(29.45	)
Effective income tax rate		—		%		—		%		—		%

Schedule of Components of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2022 and 2021 (in thousands):


	Year ended
	December 31,
	2022			2021
Deferred tax assets:
Federal and state net operating loss carryforwards	$	81,989		$	109,166
Tax credit carryforwards		2,263			22,446
Capitalized R&D		27,227			—
Intangible assets		2,782			3,000
Stock-based compensation		9,035			5,700
Deferred revenue		1,183			2,810
Capital lease		6,262			6,812
Other		2,948			2,395
Total deferred tax assets		133,689			152,329
Less valuation allowance		(128,186	)		(146,285	)
Net deferred tax assets		5,503			6,044
Deferred tax liabilities:
Right-of-use asset		(3,635	)		(3,946	)
Fixed assets		(1,868	)		(2,098	)
Total deferred tax liabilities		(5,503	)		(6,044	)
Net deferred taxes	$	—		$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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