General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAXES  
Schedule of components Income (Loss) before provision for income taxes

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

United States

 

$

(103,596)

 

$

(121,339)

Foreign

 

 

 —

 

 

 —

Loss before income taxes

 

$

(103,596)

 

$

(121,339)

 

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

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

 

    

2019

    

2018

    

Effective income tax rate:

 

 

 

 

 

 

 

Expected income tax benefit at the federal statutory rate

 

 

21

%

 

21

%

State taxes

 

 

 6

%

 

 6

%

Change in valuation allowance

 

 

(30)

%

 

(26)

%

Research and development credit carryover

 

 

 2

%

 

 3

%

Legal proceedings and settlement expense

 

 

%

 

(4)

%

Permanent differences

 

 

 1

%

 

 —

%

Effective income tax rate

 

 

 —

%

 

 —

%

 

Schedule of deferred net tax assets

As of December 31, 2019 and 2018, deferred tax assets consist of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

Deferred tax assets:

 

 

 

 

 

 

Federal and state net operating carryforwards

 

$

56,333

 

$

23,310

Research and development and other credits

 

 

11,072

 

 

7,567

Capitalized start‑up costs

 

 

17,032

 

 

24,048

Compensation‑related items

 

 

1,286

 

 

568

Deferred lease liability

 

 

1,111

 

 

1,212

Other deferred tax assets

 

 

2,068

 

 

379

Total gross deferred tax asset

 

 

88,902

 

 

57,084

Valuation allowance

 

 

(87,370)

 

 

(56,405)

Net deferred tax asset

 

 

1,532

 

 

679

Deferred tax liabilities:

 

 

 

 

 

 

Right‑of‑use asset

 

 

(664)

 

 

(679)

Acquired technology

 

 

(868)

 

 

 —

Total deferred tax liabilities

 

 

(1,532)

 

 

(679)

Net deferred tax asset

 

$

 —

 

$

 —

 

Schedule of changes in the valuation allowance for deferred tax assets

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

Valuation allowance at beginning of the year

 

$

56,405

 

$

21,700

Increases recorded to income tax provision

 

 

30,965

 

 

34,705

Decreases recorded as a benefit to income tax provision

 

 

 —

 

 

 —

Increases recorded as an adjustment to equity

 

 

 —

 

 

 —

Valuation allowance at end of year

 

$

87,370

 

$

56,405