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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of reconciliation of effective income tax rate differed from the amount computed by applying the federal statutory rate

​

​	​	​	​	​	​
​	​	For Year Ended
​	​	December 31,
​		2021		2020	​
Tax effected at statutory rate		21.0	%	21.0	%
State taxes		6.8		6.8	​
Stock compensation		0.9		1.6	​
Non-deductible expenses		(1.6)		(2.4)	​
Federal research and development credits		6.5		7.9	​
Other	​	(1.5)	​	(0.5)	​
Change in valuation allowance		(32.1)		(34.4)	​
​		—	%	—	%

Summary of deferred tax assets (liabilities)

Deferred tax assets (liabilities) consist of the following at December 31, 2021 and 2020 (in thousands):

​	​	​	​	​	​	​
​		As of
​	​	December 31,
​		2021			2020
Deferred tax assets:	​	​		​	​
Net operating loss carryforwards	​	$	82,403	​	$	46,112
Tax credits	​		25,800	​		17,423
Deferred revenue	​	​	9,035	​	​	14,194
Operating lease liability	​	​	7,365	​	​	9,196
Stock based compensation	​		4,751	​		1,892
Reserve and accruals	​	​	2,844	​	​	2,635
Total gross deferred tax assets	​		132,198	​		91,452
Valuation allowance	​		(124,233)	​		(81,980)
Total deferred tax assets	​	​	7,965	​	​	9,472
Total deferred tax liabilities:	​	​	​	​	​	​
Operating lease right-of-use asset	​	​	(6,925)	​	​	(8,805)
Fixed and intangible assets	​		(1,040)	​		(667)
Total deferred tax liabilities	​	​	(7,965)	​	​	(9,472)
Total net deferred tax assets	​	$	—	​	$	—

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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