Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.21.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Schedule of components Income (Loss) before provision for income taxes

Years Ended December 31, 

    

2020 (as restated)

    

2019

United States

$

(34,285)

$

(103,596)

Foreign

 

(670)

 

Loss before income taxes

$

(34,955)

$

(103,596)

Schedule of provision (benefit) for income taxes

The provision (benefit) for income taxes consists of the following (in thousands):

Years Ended December 31, 

2020

    

2019

Current

$

$

Deferred

(940)

Provision (benefit) for income taxes

$

(940)

$

Schedule of Reconciliation of the expected income tax (benefit) computed using the federal statutory income tax rate

Years Ended December 31, 

    

2020 (as restated)

    

2019

    

Effective income tax rate:

Expected income tax benefit at the federal statutory rate

 

21

%

 

21

%

State taxes

6

%

6

%

Change in valuation allowance

(68)

%

(30)

%

Research and development credit carryover

2

%

2

%

Permanent differences

42

%

1

%

Effective income tax rate

3

%

%

Schedule of deferred net tax assets

As of December 31, 2020, and 2019, deferred tax assets consist of the following (in thousands):

Years Ended December 31, 

    

2020

    

2019

Deferred tax assets:

Federal and state net operating carryforwards

$

77,463

$

56,333

Research and development and other credits

13,555

11,072

Capitalized start‑up costs

15,717

17,032

Compensation‑related items

2,257

1,286

Deferred lease liability

872

1,111

Depreciation

1,503

Other deferred tax assets

2,272

2,068

Total gross deferred tax asset

113,639

88,902

Valuation allowance

(111,494)

(87,370)

Net deferred tax asset

2,145

1,532

Deferred tax liabilities:

Right‑of‑use asset

(522)

(664)

Acquired technology

(1,623)

(868)

Total deferred tax liabilities

(2,145)

(1,532)

Net deferred tax asset

$

$

Schedule of changes in the valuation allowance for deferred tax assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2020 and 2019 were as follows (in thousands):

Years Ended December 31, 

    

2020

    

2019

Valuation allowance at beginning of the year

$

87,370

$

56,405

Increases recorded to income tax provision

 

25,058

 

30,965

Decreases recorded as a benefit to income tax provision

(934)

Valuation allowance at end of year

$

111,494

$

87,370