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 Tax Disclosure [Abstract]  
Summary of components of the income tax provision The components of the income tax provision for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Current

 

$

4

 

 

$

28

 

 

$

24

 

Deferred

 

 

 

 

 

 

 

 

 

Total

 

$

4

 

 

$

28

 

 

$

24

 

 

Schedule of reconciliation of effective tax rate expense (benefit) for continuing operations and the statutory federal income 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, 2020, 2019 and 2018:

 

 

 

Year ended

 

 

 

 

December 31,

 

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

 

Federal income tax computed at federal statutory tax rate

 

 

21.00

 

%

 

 

21.00

 

%

 

 

21.00

 

%

State income tax, net of federal benefit

 

 

6.12

 

 

 

 

6.56

 

 

 

 

6.01

 

 

Permanent items

 

 

(0.68

)

 

 

 

(0.89

)

 

 

 

(0.61

)

 

Federal and state research and development credits

 

 

3.89

 

 

 

 

4.79

 

 

 

 

4.79

 

 

Rate change

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

(0.88

)

 

 

 

(0.77

)

 

 

 

0.01

 

 

Change in valuation allowance

 

 

(29.45

)

 

 

 

(30.73

)

 

 

 

(31.24

)

 

Effective income tax rate

 

 

 

%

 

 

(0.04

)

%

 

 

(0.04

)

%

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, 2020 and 2019 (in thousands):

 

 

 

Year ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Federal and state net operating loss carryforwards

 

$

80,658

 

 

$

68,026

 

Tax credit carryforwards

 

 

17,442

 

 

 

14,170

 

Intangible assets

 

 

3,219

 

 

 

46

 

Stock-based compensation

 

 

5,117

 

 

 

3,774

 

Leasehold incentive

 

 

 

 

 

 

Deferred revenue

 

 

6,034

 

 

 

2,289

 

Capital lease

 

 

7,284

 

 

 

7,526

 

Other

 

 

1,725

 

 

 

1,432

 

Total deferred tax assets

 

 

121,479

 

 

 

97,263

 

Less valuation allowance

 

 

(114,946

)

 

 

(90,198

)

Net deferred tax assets

 

 

6,533

 

 

 

7,065

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Right-of-use asset

 

 

4,215

 

 

 

4,557

 

Fixed assets

 

 

2,318

 

 

 

2,508

 

Total deferred tax liabilities

 

 

6,533

 

 

 

7,065

 

Net deferred taxes

 

$

 

 

$