Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of income taxes based on income (loss) before income tax expense

	December 31,
	2018		2017
Domestic	$	(20,579,000)	$	(24,131,000)
Foreign		45,000		52,000
	$	(20,534,000)	$	(24,079,000)

Schedule of provision for income taxes

	December 31,
	2018		2017
Current
US Federal	$	—	$	—
State and Local		—		—
Foreign		13,000		13,000
Total Current	$	13,000	$	13,000
Deferred
US Federal	$	(137,000)	$	—
State and Local		—		—
Foreign		—		—
Total Deferred	$	—	$	—
Total (Benefit) Expense	$	(124,000)	$	13,000

Schedule of principal components of the Company's deferred tax assets

	December 31,
	2018		2017
Deferred tax assets:
Net operating loss carryovers	$	63,494,000	$	57,557,000
R&D tax credits		82,246,000		79,725,000
Non-qualified stock options		4,611,000		5,355,000
Deferred revenue		1,175,000		1,242,000
Charitable contributions		4,000		4,000
Accrued expenses		454,000		407,000
Fixed assets		92,000		85,000
Deferred tax assets		152,076,000		144,375,000
Less valuation allowance		(151,939,000)		(144,375,000)
Net deferred tax assets	$	137,000	$	—

Schedule of reconciliation of income tax (expense) benefit at the statutory federal income tax rate and income taxes as reflected in the financial statements

	December 31,
	2018		2017
Federal income tax expense at statutory rate	21.0	%	34.0	%
Permanent items	1.4		(8.1)
Effect of Tax Act	—		(116.9)
State income tax, net of federal benefit	6.9		5.8
Tax credits	12.2		29.3
Provision to return	—		—
Change in valuation allowance	(36.6)		55.8
Other	(4.3)		—
Effective income tax rate	0.6	%	(0.1)	%