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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Effective Income Tax Rate

The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Federal statutory income tax rate

 

 

21.00

%

 

 

21.00

%

 

 

21.00

%

Change in valuation allowance

 

 

(31.07

)

 

 

(26.75

)

 

 

(27.42

)

Tax credits

 

 

12.14

 

 

 

6.43

 

 

 

7.27

 

State income taxes, net of federal benefit

 

 

0.73

 

 

 

0.33

 

 

 

0.25

 

Stock-based compensation

 

 

(3.02

)

 

 

(1.00

)

 

 

(0.89

)

Other, net

 

 

0.03

 

 

 

(0.01

)

 

 

(0.21

)

Provision for income taxes

 

 

(0.19

)%

 

 

%

 

 

%

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

60,273

 

 

$

54,523

 

Tax credits

 

 

5,486

 

 

 

1,068

 

Depreciation and amortization

 

 

1,863

 

 

 

2,067

 

Stock-based compensation

 

 

3,004

 

 

 

2,452

 

Accruals and reserves

 

 

646

 

 

 

606

 

Lease liabilities

 

 

156

 

 

 

278

 

Gross deferred tax assets

 

 

71,428

 

 

 

60,994

 

Valuation allowance

 

 

(71,291

)

 

 

(60,747

)

Total deferred tax assets

 

 

137

 

 

 

247

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Right-of-use assets

 

 

(137

)

 

 

(247

)

Total deferred tax liabilities

 

 

(137

)

 

 

(247

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Balance at beginning of year

 

$

451

 

 

$

3,277

 

 

$

4,634

 

Additions based on tax positions related to prior

   year

 

 

 

 

 

 

 

 

 

Additions based on tax positions related to

   current year

 

 

1,499

 

 

 

81

 

 

 

2,443

 

Reductions based on tax positions related to

   prior year

 

 

 

 

 

(2,907

)

 

 

(3,800

)

Reductions based on tax positions related to

   current year

 

 

 

 

 

 

 

 

 

Balance at end of year

 

$

1,950

 

 

$

451

 

 

$

3,277