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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Components of Income Taxes (Benefit)

The Company’s benefit from income taxes is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2020

    

2019

    

2018

Current:

 

​

  

 

​

  

 

​

  

Federal

​

$

—

​

$

—

​

$

—

State

​

 

(691)

​

 

(816)

​

 

(389)

​

​

 

(691)

​

 

(816)

​

 

(389)

Deferred:

​

 

  

​

 

  

​

 

  

Federal

​

 

—

​

 

—

​

 

—

State

​

 

—

​

 

—

​

 

—

​

​

 

—

​

 

—

​

 

—

Benefit from income taxes

​

$

(691)

​

$

(816)

​

$

(389)

Schedule of Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to that Reflected in Operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

​

​

​

​

​

​

​

​

​

​

December 31, 

 

​

    

2020

    

2019

    

2018

 

Income taxes using U.S. federal statutory rate

 

21.00

%  

21.00

%  

21.00

%

State income taxes, net of federal benefit

 

(58.68)

%  

(1.99)

%  

6.82

%

Tax Cuts and Jobs Act

 

0.00

%  

0.00

%  

0.00

%

Impact of R&D tax credit on effective tax rate

 

(52.06)

%  

4.34

%  

3.48

%

Stock option shortfalls and cancellations

 

0.35

%  

(0.17)

%  

(0.43)

%

Permanent items and other

 

(5.08)

%  

0.36

%  

(0.15)

%

Change in valuation allowance

 

84.61

%  

(22.76)

%  

(31.76)

%

Provision to return

 

0.92

%  

(0.02)

%  

0.03

%

Non-taxable revenue

 

0.00

%  

0.00

%  

1.54

%

​

 

(8.94)

%  

0.76

%  

0.53

%

​

Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities

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

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2020

    

2019

Valuation allowance

 

$

(120,666)

 

$

(114,136)

​

​

​

​

​

​

​

Net operating loss carryforwards

​

​

93,507

​

​

84,608

Federal and state tax credits

​

 

19,982

​

 

16,624

Deferred revenue

​

 

—

​

 

5,994

Stock-based compensation expense

​

 

6,732

​

 

4,481

Other

​

 

2,414

​

 

3,409

Deferred tax assets

​

 

122,635

​

 

115,116

​

​

​

​

​

​

​

Other

​

 

(1,969)

​

 

(980)

Deferred tax liabilities:

​

 

(1,969)

​

 

(980)

​

​

 

​

​

 

​

Net deferred tax asset:

​

$

—

​

$

—

​