Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of components of deferred tax assets

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss and credit carryforwards. Significant components of our deferred tax assets are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

    

2019

    

2018

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

63,910

 

$

62,863

Research credit carryforwards

 

 

15,683

 

 

15,886

Other, net

 

 

1,303

 

 

1,321

Total deferred tax assets

 

 

80,896

 

 

80,070

Deferred tax liabilities:

 

 

 

 

 

 

Other, net

 

 

(84)

 

 

 —

Total deferred tax liabilities

 

 

(84)

 

 

 —

Valuation allowance

 

 

(80,812)

 

 

(80,070)

Net deferred tax assets

 

$

 —

 

$

 —

 

Schedule of provision for income taxes differs from federal statutory rate

The provision for income taxes consists of state minimum taxes due. The effective tax rate of our provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

Computed at 21%

 

$

(3,451)

 

$

(1,879)

State taxes

 

 

(146)

 

 

(167)

Change in valuation allowance

 

 

768

 

 

197

Other

 

 

56

 

 

121

Revaluation of warrant liability

 

 

(238)

 

 

(30)

Research and development credits

 

 

(54)

 

 

144

Tax attributes expirations

 

 

2,698

 

 

975

Impact of IRC 162m

 

 

367

 

 

639

Total

 

$

 —

 

$

 —