Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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):

 

 

 

2018

 

 

2017

 

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

 

$

(6,361

)

 

$

(7,867

)

State federal income tax benefit

 

 

(69

)

 

 

(21

)

Permanent differences

 

 

(24

)

 

 

87

 

Research and development credits

 

 

(608

)

 

 

(237

)

Change in valuation allowance due to operations

 

 

2,758

 

 

 

4,766

 

Acquisition-related permanent differences

 

 

 

 

 

2,281

 

Expiring state carryovers and other

 

 

4,304

 

 

 

991

 

Change in valuation allowance due to Tax Act

 

 

 

 

 

(6,863

)

U.S. Statutory Rate Change due to Tax Act

 

 

 

 

 

6,863

 

Total

 

$

 

 

$

 

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,

 

 

 

2018

 

 

2017

 

Deferred tax assets

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$

19,941

 

 

$

13,797

 

Research and development credits

 

 

2,049

 

 

 

5,060

 

Deferred stock compensation

 

 

4,547

 

 

 

4,058

 

Deferred revenue

 

 

210

 

 

 

581

 

Other

 

 

404

 

 

 

254

 

Total deferred tax assets

 

 

27,151

 

 

 

23,750

 

 

 

 

 

 

 

 

 

 

Total deferred tax liabilities

 

 

 

 

 

 

 

 

Depreciable and amortizable assets

 

 

(925

)

 

 

(282

)

R&D intangible assets

 

 

(5,591

)

 

 

(5,591

)

Total deferred tax liabilities

 

 

(6,516

)

 

 

(5,873

)

Less: Valuation allowance

 

 

(20,635

)

 

 

(17,877

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Activity Related to Unrecognized Tax Benefits

The total amount of unrecognized benefits as of December 31, 2018 and 2017 was $0 million and $1.1 million, respectively.  The reconciliation of unrecognized tax benefits at the beginning and end of the year is as follows:

 

(in thousands)

 

2018

 

 

2017

 

Gross unrecognized tax benefits at January 1,

 

$

1,143

 

 

$

 

Gross increases (decreases) related to acquisitions

 

 

(1,143

)

 

 

1,064

 

Gross increases related to current year tax positions

 

 

 

 

 

79

 

Gross unrecognized tax benefits at December 31,

 

$

 

 

$

1,143