Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Expense for Income Taxes

Income tax expense for income taxes is as follows (in thousands):

	Year Ended December 31, 2019		Transition Period Ended December 31, 2018		Fiscal Year Ended June 30,
					2018		2017
Federal
Current	$	—	$	—	$	—	$	—
Deferred	—		—		—		—
Total Federal	—		—		—		—
State
Current	—		—		2		1
Deferred	—		—		—		—
Total State	—		—		2		1
Foreign
Current	—		—		154		19
Deferred	—		—		—		—
Total Foreign	—		—		154		19
Total income tax expense	$	—	$	—	$	156	$	20

Schedule of Reconciliation of Statutory Tax Rates and Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the year ended December 31, 2019, the transition period ended December 31, 2018 and fiscal years ended June 30, 2018 and 2017 is as follows:

	Year Ended December 31, 2019		Transition Period Ended December 31, 2018		Fiscal Year Ended June 30,
					2018		2017
Statutory rate	(21.0	)%	(21.0	)%	(28.0	)%	(34.0	)%
Foreign income tax	—	%	—	%	—	%	—	%
Change in valuation allowance	29.9	%	34.4	%	21.1	%	21.9	%
State income taxes, (net of federal tax benefit)	(7.5	)%	(8.8	)%	(4.3	)%	(4.8	)%
Permanent differences, (primarily warrant-related expenses)	(1.4	)%	(4.2	)%	11.3	%	15.3	%
Other	—	%	(0.4	)%	—	%	1.6	%
Effective rate	—	%	—	%	0.1	%	—	%

Schedule of Tax Effects of Temporary Differences in Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, (in thousands):

	2019			2018
Deferred tax assets:
NOL carryforwards	$	203,928		$	132,841
Research and development credits	28,535			23,118
Liability related to sale of future royalties	49,228			49,217
Deferred revenue	18,286			—
Disallowed interest expense	13,474			—
Other	5,807			3,088
Total	319,258			208,264
Valuation allowance	(317,828		)	(206,397		)
Net deferred assets	$	1,430		$	1,867
Deferred tax liabilities:
Property and equipment	$	(1,430	)	$	(1,867	)
Net deferred assets and liabilities	$	—		$	—

Summary of Unrecognized Tax Benefits

The change in unrecognized tax benefits are presented below (in thousands):

	Year Ended December 31, 2019		Transition Period Ended December 31, 2018
Change in unrecognized tax benefits
Balance at beginning of year	$	2,521	$	—
Gross increases related to current period tax positions	—		—
Gross increases related to prior periods tax positions	—		2,521
Gross decreases in tax positions	—		—
Expiration of the statute of limitations	—		—
Balance at end of year	$	2,521	$	2,521