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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Components of Income Taxes (Benefit)

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

December 31, 

    

2022

    

2021

    

2020

Current:

 

  

 

  

 

  

Federal

$

$

$

State

 

 

 

(691)

 

 

 

(691)

Deferred:

 

  

 

  

 

  

Federal

 

 

 

State

 

 

 

 

 

 

Benefit from income taxes

$

$

$

(691)

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, 

 

    

2022

    

2021

    

2020

 

Income taxes using U.S. federal statutory rate

 

21.00

%  

21.00

%  

21.00

%

State income taxes, net of federal benefit

 

(1.00)

%  

7.84

%  

(58.68)

%

Tax Cuts and Jobs Act

 

0.00

%  

0.00

%  

0.00

%

Impact of R&D tax credit on effective tax rate

 

4.91

%  

2.87

%  

(52.06)

%

Stock option shortfalls and cancellations

 

(3.33)

%  

(4.74)

%  

0.35

%

Permanent items and other

 

(1.86)

%  

(1.29)

%  

(5.08)

%

Change in valuation allowance

 

(19.88)

%  

(25.69)

%  

84.61

%

Provision to return

 

0.16

%  

0.01

%  

0.92

%

Non-taxable revenue

 

0.00

%  

0.00

%  

0.00

%

 

0.00

%  

0.00

%  

(8.94)

%

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, 

    

2022

    

2021

Valuation allowance

 

$

(160,814)

 

$

(143,388)

Net operating loss carryforwards

113,058

113,636

Federal and state tax credits

 

26,358

 

24,428

Stock-based compensation expense

 

3,434

 

5,023

Intangible asset amortization

17,265

Other

 

1,167

 

1,268

Deferred tax assets

 

161,282

 

144,355

Other

 

(468)

 

(967)

Deferred tax liabilities:

 

(468)

 

(967)

 

 

Net deferred tax asset:

$

$