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 Loss Before Income Taxes, Domestic and Foreign
Our loss before provision for (benefit from) income taxes was as follows (in thousands): 
  Year Ended December 31,
  2020 2019 2018
United States $ (23,452) $ (11,751) $ (10,653)
Foreign (219) (167) (262)
Loss before provision for income taxes $ (23,671) $ (11,918) $ (10,915)
Components of Provision for Income Taxes The components of the provision for income taxes are as follows (in thousands): 
  Year Ended December 31,
  2020 2019 2018
Current provision (benefit):
State $ $ $
Foreign 342  18  (13)
Total current provision (benefit) 347  23  (8)
Deferred provision (benefit):
Foreign (8) (6) (29)
Total deferred provision (benefit) (8) (6) (29)
Provision for (benefit from) income taxes $ 339  $ 17  $ (37)
Reconciliation of Provision for Income Taxes Calculated at the Statutory Rate to Provision for Income Taxes
Reconciliation of the provision for (benefit from) income taxes calculated at the statutory rate to our provision for (benefit from) income taxes is as follows (in thousands): 
  Year Ended December 31,
  2020 2019 2018
Tax benefit at federal statutory rate $ (4,971) $ (2,503) $ (2,292)
State taxes (465) (1,120) 222 
Research and development credits (811) (693) (499)
Foreign operations taxed at different rates (17)
Stock-based compensation 132  (3,606) (2,587)
Other nondeductible items 69  505  (3)
Executive compensation 24  872  838 
Change in valuation allowance 6,359  6,561  4,301 
Provision for (benefit from) income taxes $ 339  $ 17  $ (37)
Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands): 
  December 31,
  2020 2019
Deferred tax assets:
Net operating losses $ 72,530  $ 68,422 
Credits 9,914  8,494 
Deferred revenues 1,080  468 
Stock-based compensation 2,576  2,338 
Reserves and accruals 1,914  1,545 
Depreciation 1,115  1,358 
Intangible assets 1,714  2,159 
Capital losses 25  26 
Unrealized gain/loss 400  406 
Lease liability 5,626  5,974 
Other assets 100  92 
Total deferred tax assets: 96,994  91,282 
Valuation allowance (92,126) (85,768)
Deferred tax liabilities:
Right-of-use assets (4,848) (5,514)
Other (52) (40)
Total deferred tax liabilities: (4,900) (5,554)
Net deferred tax liabilities $ (32) $ (40)
Summary of Federal, State and Foreign NOL Carryforwards and Federal Research and Development Tax Credits
The following table sets forth our federal, state and foreign NOL carryforwards and federal research and development tax credits as of December 31, 2020 (in thousands): 
  December 31, 2020
  Amount
Expiration
Years
Net operating losses, federal $ 224,475  2022-2037
Net operating losses, federal $ 82,931  Do not expire
Net operating losses, state $ 127,317  2028-2040
Tax credits, federal $ 10,654  2022-2040
Tax credits, state $ 11,977  Do not expire
Net operating losses, foreign $ 778  Various
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 
  December 31,
  2020 2019 2018
Balance at beginning of year $ 11,330  $ 9,980  $ 9,422 
Additions based on tax positions related to current year 1,357  1,362  1,087 
Reductions to tax provision of prior years (4) (12) (529)
Balance at end of year $ 12,683  $ 11,330  $ 9,980