Annual report pursuant to Section 13 and 15(d)

Provision for Income Taxes (Tables)

v3.20.1
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