Provision for Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss Before Provision for Income Taxes |
The components of the Company’s loss before the provision for income taxes consisted of the following:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
United States of America
|
|
$
|
(61,169
|
)
|
|
$
|
(59,595
|
)
|
|
Foreign
|
|
|
87
|
|
|
|
—
|
|
|
Total
|
|
$
|
(61,082
|
)
|
|
$
|
(59,595
|
)
|
|
| Schedule of Provision for Income Taxes |
The provision for income taxes consisted of the following for the years ended December 31, 2018 and 2017:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
—
|
|
|
$
|
—
|
|
|
State
|
|
|
6
|
|
|
|
6
|
|
|
Foreign
|
|
|
16
|
|
|
|
—
|
|
|
Total Current Provision
|
|
|
22
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(12,146
|
)
|
|
|
(7,216
|
)
|
|
State
|
|
|
(4,809
|
)
|
|
|
(1,210
|
)
|
|
Foreign
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in valuation allowance
|
|
|
16,955
|
|
|
|
8,426
|
|
|
Total deferred provision
|
|
|
—
|
|
|
|
—
|
|
|
Total provision
|
|
$
|
22
|
|
|
$
|
6
|
|
|
| Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate |
A reconciliation of the statutory U.S. federal income tax rate to the Company's effective tax rate for the years ended December 31, 2018 and 2017 is as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Tax, computed at the federal statutory rate
|
|
|
21.00
|
%
|
|
|
34.00
|
%
|
|
State taxes, net of federal tax benefit
|
|
|
6.23
|
|
|
|
1.28
|
|
|
Mark to market adjustment on stock warrants
|
|
|
—
|
|
|
|
4.06
|
|
|
Meals, entertainment and other
|
|
|
(0.02
|
)
|
|
|
1.67
|
|
|
Debt discount amortization
|
|
|
—
|
|
|
|
(2.42
|
)
|
|
Loss on stock warrants issued
|
|
|
—
|
|
|
|
(3.30
|
)
|
|
Loss on write-off of deferred debt discount
|
|
|
—
|
|
|
|
(5.78
|
)
|
|
Change in valuation allowance
|
|
|
(27.25
|
)
|
|
|
(12.61
|
)
|
|
Rate change due to tax law change
|
|
|
—
|
|
|
|
(16.89
|
)
|
|
Provision for income taxes
|
|
|
(0.04
|
)%
|
|
|
0.01
|
%
|
|
| Components of Deferred Income Tax Assets and Liabilities |
The significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2018 and 2017 were as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Net operating losses
|
|
$
|
30,112
|
|
|
$
|
13,844
|
|
|
Stock-based compensation
|
|
|
7,141
|
|
|
|
3,416
|
|
|
Accrued expenses
|
|
|
178
|
|
|
|
445
|
|
|
Research credits
|
|
|
547
|
|
|
|
490
|
|
|
Other - fixed assets and intangibles
|
|
|
—
|
|
|
|
13
|
|
|
Other
|
|
|
682
|
|
|
|
70
|
|
|
Gross deferred tax assets
|
|
|
38,660
|
|
|
|
18,278
|
|
|
Less: valuation allowance
|
|
|
(35,233
|
)
|
|
|
(18,278
|
)
|
|
Total deferred tax assets
|
|
|
3,427
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - fixed assets and intangibles
|
|
|
(3,427
|
)
|
|
|
—
|
|
|
Total deferred tax liabilities
|
|
|
(3,427
|
)
|
|
|
—
|
|
|
Net deferred tax assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Summary of Valuation Allowance |
The change in the valuation allowance for the years ended December 31, 2018 and 2017 is as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Valuation allowance, at beginning of year
|
|
$
|
18,278
|
|
|
$
|
9,852
|
|
|
Increase in valuation allowance
|
|
|
16,955
|
|
|
|
8,426
|
|
|
Valuation allowance, at end of year
|
|
$
|
35,233
|
|
|
$
|
18,278
|
|
|