Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Net Loss

The following table presents domestic and foreign components of net loss for the periods presented (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Domestic

 

$

(41,599

)

 

$

(34,181

)

 

$

(23,047

)

Foreign

 

 

(143

)

 

 

(906

)

 

 

(120

)

Total

 

$

(41,742

)

 

$

(35,087

)

 

$

(23,167

)

Schedule of Effective Tax Rate of Provision for Income Taxes Differs From Federal Statutory Rate

The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

 

Federal statutory income tax rate

 

 

21.0

 

%

 

 

21.0

 

%

 

 

21.0

 

%

State taxes, net of federal benefit

 

 

1.1

 

 

 

 

0.9

 

 

 

 

6.4

 

 

Foreign tax rate differential

 

 

0.0

 

 

 

 

0.2

 

 

 

 

0.1

 

 

Permanent differences

 

 

(2.7

)

 

 

 

(1.7

)

 

 

 

0.3

 

 

Research and development credit

 

 

2.6

 

 

 

 

1.9

 

 

 

 

1.4

 

 

Change in valuation allowance

 

 

(22.0

)

 

 

 

(22.3

)

 

 

 

(29.2

)

 

Provision for income taxes

 

 

 

%

 

 

 

%

 

 

 

%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities are as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Deferred tax assets

 

 

 

 

 

 

 

 

 

 

 

 

Reserves and accruals

 

$

1,665

 

 

$

1,056

 

 

$

1,009

 

Net operating loss carryforwards

 

 

24,824

 

 

 

16,986

 

 

 

10,985

 

Research and development credit carryforwards

 

 

2,938

 

 

 

2,177

 

 

 

1,194

 

Lease Liabilities

 

 

1,148

 

 

 

1,336

 

 

 

 

Gross deferred tax assets

 

 

30,575

 

 

 

21,555

 

 

 

13,188

 

Valuation allowance

 

 

(29,410

)

 

 

(20,196

)

 

 

(12,560

)

Net deferred tax assets

 

 

1,165

 

 

 

1,359

 

 

 

628

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment

 

 

(469

)

 

 

(557

)

 

 

(628

)

Right-of-use asset

 

 

(696

)

 

 

(802

)

 

 

 

Net deferred tax

 

$

 

 

$

 

 

$

 

Reconciliation of Unrecognized Tax Benefits A reconciliation of our unrecognized tax benefits for the year ended December 31, 2020 is as follows (in thousands):

 

 

 

Unrecognized Income Tax Benefits

 

 

Balance as of December 31, 2019

 

$

 

 

Additions for prior year tax positions

 

 

381

 

 

Additions for current year tax positions

 

 

487

 

 

Balance as of December 31, 2020

 

$

868