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]  
Components of Company's Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2019 and 2018 are shown below (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Deferred tax assets

 

 

 

 

 

 

 

 

Net operating loss carryovers

 

$

35,901

 

 

$

31,135

 

Research and development tax credits

 

 

8,312

 

 

 

8,641

 

Intangibles

 

 

130

 

 

 

379

 

Stock options

 

 

438

 

 

 

2,255

 

Compensation

 

 

47

 

 

 

452

 

Deferred revenue

 

 

 

 

 

2,642

 

Other

 

 

88

 

 

 

62

 

Total gross deferred tax assets

 

 

44,916

 

 

 

45,566

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

      Right-of-use asset

 

 

46

 

 

 

 

Total net deferred tax assets

 

 

44,870

 

 

 

45,566

 

Less valuation allowance

 

 

(44,870

)

 

 

(45,566

)

Net deferred tax assets

 

$

 

 

$

 

Reconciliation of Statutory Tax Rates and Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2019, 2018 and 2017 is as follows:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

34.0

%

Valuation allowance

 

 

6.1

%

 

 

(25.2

)%

 

 

51.5

%

Federal tax rate change

 

 

%

 

 

%

 

 

(93.3

)%

General business credits

 

 

  (2.9

)%

 

 

6.2

%

 

 

10.8

%

Expiration of stock options

 

 

        (21.4)

%

 

 

%

 

 

%

Other

 

 

(2.8

)%

 

 

(2.0

)%

 

 

(3.0

)%

Effective tax rate

 

 

%

 

 

%

 

 

%

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Balance at beginning of year

 

$

2,221

 

 

$

1,932

 

 

$

1,319

 

Additions based on tax positions related to the current year

 

 

 

 

 

289

 

 

 

613

 

Reductions based on tax positions related to prior years

 

 

(80

)

 

 

 

 

 

 

Balance at end of year

 

$

2,141

 

 

$

2,221

 

 

$

1,932