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]  
Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Net Income Taxes

A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the accompanying statements of operations is as follows (in thousands):

 

 

 

2020

 

 

2019

 

U.S. federal taxes (benefit) at statutory rate

 

$

(22,032

)

 

$

(14,578

)

State federal income tax benefit

 

 

(895

)

 

 

(528

)

Permanent differences

 

 

(46

)

 

 

34

 

Stock compensation

 

 

524

 

 

 

4,112

 

Research and development credits

 

 

(4,043

)

 

 

(1,677

)

Change in valuation allowance due to operations

 

 

26,484

 

 

 

12,756

 

Expiring state carryovers and other

 

 

13

 

 

 

(119

)

Total

 

$

5

 

 

$

 

Schedule of Significant Components of Net Deferred Tax Assets

The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Deferred tax assets

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$

42,029

 

 

$

26,554

 

Research and development credits

 

 

9,066

 

 

 

4,147

 

Deferred stock compensation

 

 

3,260

 

 

 

1,571

 

Deferred revenue

 

 

5,195

 

 

 

1,956

 

Lease liability

 

 

3,045

 

 

 

2,835

 

Other

 

 

1,301

 

 

 

736

 

Total deferred tax assets

 

 

63,896

 

 

 

37,799

 

 

 

 

 

 

 

 

 

 

Total deferred tax liabilities

 

 

 

 

 

 

 

 

Depreciable and amortizable assets

 

 

(1,677

)

 

 

(1,340

)

Right-of-use asset

 

 

(2,344

)

 

 

(2,112

)

R&D intangible assets

 

 

 

 

 

(956

)

Total deferred tax liabilities

 

 

(4,021

)

 

 

(4,408

)

Less: Valuation allowance

 

 

(59,875

)

 

 

(33,391

)

Net deferred tax assets

 

$

 

 

$