Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows:


	Year Ended December 31,
	2018			2017
Federal income tax expense at statutory rate		21.0	%		34.0	%
State income taxes, net of federal benefit		5.2			4.9
Permanent differences		(0.8	)		(0.3	)
U.S.—TCJA		—			(14.8	)
Foreign rate differential		0.2			(0.2	)
Research and development tax credits		1.1			1.3
Change in valuation allowance		(26.5	)		(24.9	)
Provision to Return		(0.2	)		—

Effective income tax rate		—	%		—	%

Schedule of Deferred Tax Assets and Liabilities

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets and liabilities are comprised of the following:


	December 31,
	2018			2017
Deferred tax assets:
U.S., foreign, and state net operating loss carryforwards	$	15,815		$	5,183
Research and development credits		454			95
Capitalized start up and organizational costs		35			39
Equity based compensation		185			29
Derivative liability		—			101
Licensing agreements		1,258			800
Accruals and other		948			239

Total deferred tax assets		18,695			6,486
Valuation allowance		(18,457	)		(6,466	)

Net deferred tax assets	$	238		$	20

Deferred tax liabilities:
Property and equipment	$	(238	)	$	(20	)

Total deferred tax liabilities	$	—		$	—