Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	64,120	$	63,910
Research credit carryforwards		15,228		15,683
Other, net		1,005		1,303
Total deferred tax assets		80,353		80,896
Deferred tax liabilities:
Other, net		(31)		(84)
Total deferred tax liabilities		(31)		(84)
Valuation allowance		(80,322)		(80,812)
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,
	2020		2019
Computed at 21%	$	(3,830)	$	(3,451)
State taxes		(220)		(146)
Change in valuation allowance		(491)		768
Other		26		56
Revaluation of warrant liability		194		(238)
Research and development credits		(65)		(54)
Tax attributes expirations		4,352		2,698
Impact of IRC 162m		34		367
Total	$	—	$	—

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)