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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of components of loss before income tax

The components of loss before income tax is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

    

2017

Domestic

 

$

(46,672)

 

$

(47,096)

 

$

(28,253)

Foreign

 

 

 —

 

 

157

 

 

(27,410)

 

 

$

(46,672)

 

$

(46,939)

 

$

(55,663)

 

Schedule of reconciliation of the effective tax rate to the U.S. Federal statutory rate

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

    

2019

    

2018

    

2017

 

Federal tax benefit at statutory rate

 

21

%  

21

%  

34

%

State tax, net of Federal benefit

 

 6

%  

 9

%  

 7

%

Foreign rate differential

 

 —

 

 —

%  

(17)

%

Federal rate change impact

 

 —

 

 —

%  

(9)

 

Change in valuation allowance

 

(28)

%  

(41)

%  

(16)

%

Research and development tax credits

 

 3

%  

 2

%  

 2

%

Prior year federal true-up

 

 —

%  

10

%  

(3)

%

Other

 

(2)

%  

(1)

%  

 2

 

Effective income tax rate

 

0

%  

0

%  

0

%

 

Schedule of principal components of the net deferred tax assets

The principal components of the Company’s net deferred tax assets are as follows (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

    

2017

Deferred tax assets

 

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

42,486

 

$

31,533

 

$

15,438

Tax credit carryforwards

 

 

6,990

 

 

6,441

 

 

4,351

Capitalized tax assets

 

 

(3)

 

 

138

 

 

131

Accruals

 

 

152

 

 

188

 

 

183

Stock compensation

 

 

4,317

 

 

2,879

 

 

1,730

Operating lease liability

 

 

892

 

 

 —

 

 

 —

Other

 

 

40

 

 

58

 

 

52

Total deferred tax assets

 

$

54,874

 

$

41,237

 

$

21,885

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

(651)

 

$

 —

 

$

 —

Valuation allowance

 

 

(54,223)

 

 

(41,237)

 

 

(21,885)

Net deferred tax assets

 

$

 —

 

$

 —

 

$

 —

 

Schedule of unrecognized tax benefits activity

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

     

2018

    

2017

Unrecognized tax benefits beginning of the period

 

$

1,804

 

$

1,219

 

$

604

Decrease related to the prior year

 

 

(365)

 

 

 —

 

 

(51)

Increased related to the current year

 

 

446

 

 

585

 

 

666

Unrecognized tax benefits, end of the period

 

$

1,885

 

$

1,804

 

$

1,219