Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

The components of the income tax provision are as follows:

 

   

Year Ended December 31,

(in thousands)

 
    2018     2017  
Current expense (benefit):                
Federal   $ -     $ -  
State     -       -  
Foreign     -       -  
Total current expense (benefit):   $ -     $ -  
                 
Deferred expense (benefit):                
Federal   $ (506,920 )   $ (392,259 )
State             35,303  
Foreign     -       -  
Total deferred expense (benefit):   $ (506,920 )   $ (356,956 )
                 
Total income tax expense (benefit):   $ (506,920 )   $ (356,956 )

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

 

    Year Ended December 31,  
    2018     2017  
Income at US Statutory Rate     21.00 %     34.00 %
State Taxes, net of Federal benefit     8.22 %     8.50 %
Permanent Differences     -0.48 %     -4.55 %
Tax Credits     0.68 %     1.07 %
Tax Law Change     3.47       -28.90 %
Valuation Allowance     -30.41 %     -7.87 %
Discrete items     0.99 %     -  
      3.47 %     2.25 %

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2018 and 2017 consist of the following:

 

   

Year Ended December 31,

(in thousands)

 
    2018     2017  
Share-based Compensation   $ 1,288     $ 498  
Depreciation and Amortization     (11 )     (1 )
Accrued Liability     -       202  
Net Operating Loss Carry-forwards     12,270       8,871  
R&D Credit Carryforwards     1,314       849  
Other     150       154  
IPR&D     (848 )     (848 )
Total Deferred tax assets   $ 14,163     $ 9,726  
Valuation allowance     (14,504 )     (10,574 )
Net deferred tax asset (liability)   $ (341 )   $ (848 )