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 Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation Reconciliations of the differences between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands):

 

 

 

2019

 

 

2018

 

 

 

Amount

 

 

Percent of Pretax Income

 

 

Amount

 

 

Percent of Pretax Income

 

Income taxes from continuing operations at statutory rate

 

$

(11,279

)

 

 

21.0

%

 

$

(4,033

)

 

 

21.0

%

State income taxes

 

 

(3,778

)

 

 

7.0

%

 

 

(985

)

 

 

5.1

%

State effect of permanent items

 

 

285

 

 

 

(0.5

)%

 

 

(585

)

 

 

3.0

%

Stock-based compensation

 

 

100

 

 

 

(0.2

)%

 

 

94

 

 

 

(0.5

)%

Deferred rate change

 

 

(905

)

 

 

1.6

%

 

 

438

 

 

 

(2.3

)%

Warrants issuance

 

 

733

 

 

 

(1.4

)%

 

 

(2,492

)

 

 

13.0

%

Other

 

 

883

 

 

 

(1.5

)%

 

 

71

 

 

 

(0.3

)%

NOL sale

 

 

 

 

 

 

 

 

(3,938

)

 

 

20.5

%

R&D credit adjustment

 

 

(2,760

)

 

 

5.1

%

 

 

 

 

 

 

Increase in valuation allowance

 

 

16,721

 

 

 

(31.1

)%

 

 

4,694

 

 

 

(24.4

)%

Total income tax benefit

 

$

 

 

 

%

 

$

(6,736

)

 

 

35.1

%

Schedule of Deferred Tax Assets and Liabilities

 

The components of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Noncurrent deferred tax assets (liabilities)

 

 

 

 

 

 

 

 

Accrued expenses

 

$

107

 

 

$

132

 

Stock-based compensation

 

 

2,436

 

 

 

1,911

 

Lease liability

 

 

945

 

 

 

 

Other

 

 

(856

)

 

 

(31

)

Net operating loss carryforwards

 

 

58,073

 

 

 

44,730

 

Research and development credits

 

 

5,984

 

 

 

3,226

 

     Total deferred tax assets

 

 

66,689

 

 

 

49,968

 

Valuation allowances

 

 

(66,689

)

 

 

(49,968

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2019 and 2018 (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Unrecognized tax benefit—January 1

 

$

436

 

 

$

436

 

Additions for tax positions of current period

 

 

 

 

 

 

Additions for tax positions of prior periods

 

 

 

 

 

 

Deferred rate change

 

 

 

 

 

 

Unrecognized tax benefit—December 31

 

$

436

 

 

$

436