Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Components of Deferred Tax Assets Significant components of the Company’s deferred tax assets are as follows (in thousands):
    
December 31,
 
    
2020
    
2019
 
Deferred tax assets:
                 
Federal and state net operating loss carryforwards
   $ 123,144      $ 107,213  
State and federal research and development tax credit carryforwards
     28,861        25,661  
Capitalized research and development
     2,363        4,725  
Stock-based compensation
     3,822        3,562  
Other
     1,256        1,199  
    
 
 
    
 
 
 
Total deferred tax assets
     159,446        142,360  
Deferred tax liabilities:
                 
Depreciation and amortization
     (269      (372
Other
     (57      (49
    
 
 
    
 
 
 
Total deferred tax liabilities
     (326      (421
Valuation allowance
     (159,120      (141,939
    
 
 
    
 
 
 
Net deferred tax assets
   $ —        $ —    
    
 
 
    
 
 
 
Summary of Gross Unrecognized Tax Benefits
The following table summarizes activity related to the Company’s gross unrecognized tax benefits (in thousands):
 
    
Total
 
Balances as of December 31, 2018
   $ 4,584  
Increases related to prior year tax positions      83  
Increases related to 2019 tax positions      1,719  
    
 
 
 
Balances as of December 31, 2019
     6,386  
Decreases related to prior year tax positions      (58
Increases related to 2020 tax positions      877  
    
 
 
 
Balances as of December 31, 2020
   $ 7,205