Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	62,097	$	64,120
Research credit carryforwards		14,738		15,228
Other, net		1,113		1,005
Total deferred tax assets		77,948		80,353
Deferred tax liabilities:
Other, net		(65)		(31)
Total deferred tax liabilities		(65)		(31)
Valuation allowance		(77,883)		(80,322)
Net deferred tax assets	$	—	$	—

Schedule of provision (benefit) 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,
	2021		2020
Computed at 21%	$	(1,842)	$	(3,830)
State taxes		(67)		(220)
Change in valuation allowance		(1,939)		(491)
Other		3		26
Revaluation of warrant liability		—		194
Research and development credits		(9)		(65)
Tax attributes expirations		3,767		4,352
Impact of IRC 162m		87		34
Total	$	—	$	—