XML 45 R24.htm IDEA: XBRL DOCUMENT v3.21.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate of Company and Subsidiaries [Table Text Block]

As a result of the Reorganization described in Note 1, the Company is taxed according to U.S. federal and state tax laws and Israeli tax laws. The statutory tax rates applicable to the income of the Company and its subsidiaries are as follows:

		Year Ended December 31,
		2020				2019
89bio, Inc.			21	%			21	%
89Bio Ltd			23	%			23	%
89bio Management, Inc.			21	%			21	%
UAB 89bio Lithuania			15	%			15	%

Summary of Income Tax Benefit (Expense)

The income tax benefit (expense) is comprised of (in thousands):

		Year Ended December 31,
		2020				2019
Current:
Federal		$	(11	)		$	(167	)
State			1				(1	)
Foreign			—				(30	)
Total			(10	)			(198	)
Deferred:
Federal			69				(20	)
Total			69				(20	)
Income tax benefit (expense)		$	59			$	(218	)

Summary of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are as follows (in thousands):

		As of December 31,
		2020				2019
U.S. net operating loss carryforwards		$	11,342			$	1,916
Israel net operating loss carryforwards			3,978				4,328
Research and development expenses			5,392				3,419
Accrued expenses			635				349
Other			658				10
Total deferred tax assets			22,005				10,022
Less: valuation allowance			(21,936	)			(10,022	)
Net deferred tax assets		$	69			$	—

Summary of Loss from Continuing Operations Before Taxes on Income

The Company recorded a loss from continuing operations, before income tax for the periods indicated as follows (in thousands):

		Year Ended December 31,
		2020				2019
United States		$	(58,760	)		$	(19,502	)
Lithuania			(73	)			200
Israel			9,275				(37,900	)
Net loss before income tax		$	(49,558	)		$	(57,202	)

Summary of Reconciliation of Income Tax Benefit (Expense) Statutory Tax Rate to Effective Tax Rate

The reconciliation of income tax benefit (expense) based on the statutory tax rate to the effective tax rate is as follows (in thousands):

		Year Ended December 31,
		2020				2019
Income tax benefit computed at statutory rates		$	8,285			$	13,095
Research and development credits, net of   uncertain tax position			815				93
Change in valuation allowance			(11,914	)			(6,520	)
Change in Israel effective tax rate due to the 2019    reorganization			647				(734	)
Foreign rate differential			1,671				—
Revaluation of convertible preferred stock liability			—				(6,039	)
Other			555				(113	)
Income tax benefit (expense)		$	59			$	(218	)

X

- Definition

Schedule of effective income tax rate of company and subsidiaries.

+ References

No definition available.

+ Details

Name:	etnb_ScheduleOfEffectiveIncomeTaxRateOfCompanyAndSubsidiariesTableTextBlock
Namespace Prefix:	etnb_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration