Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Net Loss Before Income Tax Benefit

The components of net loss before income tax benefit are as follows:

	Year Ended December 31,
	2020			2019
U.S. operations	$	(50,735,735	)	$	(18,562,738	)
Non-U.S. operations		(3,725,766	)		(2,015,893	)
Net loss before income tax benefit	$	(54,461,501	)	$	(20,578,631	)

Components of Income Tax Benefits

The components of the income tax benefit are as follows:

	Year Ended December 31,
	2020		2019
U.S. federal
Current	$	4,706,092	$	—
Deferred		—		45,465
U.S. state and local
Current		710,932		—
Deferred		—		13,035
Income tax benefit	$	5,417,024	$	58,500

Reconciliation Between Effect of Applying Federal Statutory Rate and Effective Income Tax Rate Used to Calculate Income Tax Benefit

Reconciliation between the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company’s income tax benefit is as follows:

	Year Ended December 31,
	2020			2019
Federal statutory rate		21.00	%		21.00	%
State income taxes, net of federal benefit		4.10			3.12
Research and development tax credit		(0.84	)		(1.51	)
Acquired in process research and development		(6.27	)		(7.03	)
CARES Act U.S. federal and state carryback claim		1.81			—
Other		0.29			(2.81	)
Change in valuation allowance		(10.14	)		(12.49	)
Effective tax rate		9.95	%		0.28	%

Components of Deferred Tax Assets and Liabilities

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 and for tax carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2020			2019
Deferred tax assets:
Net operating losses	$	18,978,410		$	13,493,760
Accrued expenses		495,301			208,604
Amortization		785,523			947,115
Stock compensation		584,507			622,789
Lease liability		502,151			479,940
Other		106,197			117,713
Valuation allowance		(18,671,086	)		(13,149,779	)
Total deferred tax assets		2,781,003			2,720,142
Deferred tax liabilities:
IPR&D assets		(2,386,667	)		(2,373,304	)
Right of use asset		(248,710	)		(192,160	)
Depreciation		(145,626	)		(154,678	)
Total deferred tax liabilities		(2,781,003	)		(2,720,142	)
Total deferred tax liabilities net	$	—		$	—

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits excluding related interest and penalties:

	Year Ended December 31,
	2020		2019
Beginning of year	$	—	$	—
Positions taken in the prior year		710,783		—
End of year	$	710,783	$	—