Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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	$	—	$	—