Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Components of Deferred Tax Assets Significant components of the Company’s deferred tax assets are as follows (in thousands):

 

 

December 31

 

 

 

2018

 

 

2017

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Federal and state net operating loss carryforwards

 

$

85,571

 

 

$

63,935

 

Capitalized research and development

 

 

10,466

 

 

 

9,455

 

Federal and state tax credit carryforwards

 

 

18,590

 

 

 

13,529

 

Stock based compensation

 

 

2,848

 

 

 

1,493

 

Other

 

 

1,499

 

 

 

438

 

Total deferred tax assets

 

 

118,974

 

 

 

88,850

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Fixed assets

 

 

(622

)

 

 

-

 

Total deferred tax liabilities

 

 

(622

)

 

 

-

 

Valuation allowance

 

 

(118,352

)

 

 

(88,850

)

Net deferred tax assets

 

$

-

 

 

$

-

 

 

Summary of Reconciliation of Expected Statutory Federal Income Tax Provision to Actual Income Tax Provision

The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax provision (in thousands):

 

 

 

December 31

 

 

 

2018

 

 

2017

 

 

2016

 

Income tax benefit at federal statutory tax rate

 

$

(15,235

)

 

$

(9,369

)

 

$

(9,068

)

Change in valuation allowance

 

 

29,501

 

 

 

(32,709

)

 

 

9,775

 

Effect of change in enacted tax rates

 

 

-

 

 

 

38,194

 

 

 

-

 

State income taxes, net of federal benefit

 

 

(10,112

)

 

 

5,094

 

 

 

(458

)

Permanent items

 

 

563

 

 

 

4,027

 

 

 

196

 

Research credits

 

 

(4,717

)

 

 

(5,237

)

 

 

(445

)

Income tax (benefit) expense

 

$

-

 

 

$

-

 

 

$

-

 

Summary of Gross Unrecognized Tax Benefits

The following table summarizes activity related to the Company’s gross unrecognized tax benefits (in thousands):

 

 

 

Total

 

Balances as of December 31, 2015

 

$

2,127

 

Increases related to prior year tax positions

 

 

-

 

Increases related to 2016 tax positions

 

 

159

 

Balances as of December 31, 2016

 

$

2,286

 

Increases related to prior year tax positions

 

 

-

 

Increases related to 2017 tax positions

 

 

1,009

 

Balances as of December 31, 2017

 

$

3,295

 

Increases related to prior year tax positions

 

 

6

 

Increases related to 2018 tax positions

 

 

1,283

 

Balances as of December 31, 2018

 

$

4,584