Provision for Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
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,
|
|
|
|
2019
|
|
|
2018
|
|
United States of America
|
|
$
|
(63,624
|
)
|
|
$
|
(61,169
|
)
|
Foreign
|
|
|
94
|
|
|
|
87
|
|
Total
|
|
$
|
(63,530
|
)
|
|
$
|
(61,082
|
)
|
|
Schedule of Provision for Income Taxes |
The provision for income taxes consisted of the following for the years ended December 31, 2019 and 2018:
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Current
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
—
|
|
|
$
|
—
|
|
State
|
|
|
19
|
|
|
|
6
|
|
Foreign
|
|
|
18
|
|
|
|
16
|
|
Total Current Provision
|
|
|
37
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(14,188
|
)
|
|
|
(12,146
|
)
|
State
|
|
|
(1,073
|
)
|
|
|
(4,809
|
)
|
Foreign
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Change in valuation allowance
|
|
|
13,772
|
|
|
|
16,955
|
|
Total deferred (benefit) provision
|
|
|
(1,489
|
)
|
|
|
—
|
|
Total (benefit) provision
|
|
$
|
(1,452
|
)
|
|
$
|
22
|
|
|
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, 2019 and 2018 is as follows:
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Tax, computed at the federal statutory rate
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
State taxes, net of federal tax benefit
|
|
|
1.17
|
|
|
|
6.23
|
|
Meals, entertainment and other
|
|
|
(0.55
|
)
|
|
|
(0.02
|
)
|
Benefit from basis difference in acquired asset
|
|
|
2.34
|
|
|
|
—
|
|
Change in valuation allowance
|
|
|
(21.68
|
)
|
|
|
(27.25
|
)
|
Benefit from (provision for) income taxes
|
|
|
2.28
|
%
|
|
|
(0.04
|
%)
|
|
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, 2019 and 2018 were as follows:
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net operating losses
|
|
$
|
38,674
|
|
|
$
|
30,112
|
|
Stock-based compensation
|
|
|
10,702
|
|
|
|
7,141
|
|
Accrued expenses
|
|
|
180
|
|
|
|
178
|
|
Research credits
|
|
|
710
|
|
|
|
547
|
|
Other
|
|
|
577
|
|
|
|
682
|
|
Gross deferred tax assets
|
|
|
50,843
|
|
|
|
38,660
|
|
Less: valuation allowance
|
|
|
(49,005
|
)
|
|
|
(35,233
|
)
|
Total deferred tax assets
|
|
|
1,838
|
|
|
|
3,427
|
|
|
|
|
|
|
|
|
|
|
Other - fixed assets and intangibles
|
|
|
(1,838
|
)
|
|
|
(3,427
|
)
|
Total deferred tax liabilities
|
|
|
(1,838
|
)
|
|
|
(3,427
|
)
|
Net deferred tax assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Summary of Valuation Allowance |
The change in the valuation allowance for the years ended December 31, 2019 and 2018 is as follows:
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Valuation allowance, at beginning of year
|
|
$
|
35,233
|
|
|
$
|
18,278
|
|
Increase in valuation allowance
|
|
|
13,772
|
|
|
|
16,955
|
|
Valuation allowance, at end of year
|
|
$
|
49,005
|
|
|
$
|
35,233
|
|
|