v3.19.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

		Year Ended December 31,
		2018				2017
Federal statutory income tax rate			21.0	%			34.0	%
State taxes, net of federal benefit			6.1				3.0
Federal and state research and development tax credits			9.6				13.7
Nondeductible items			(0.8	)			(1.7	)
2017 TCJA			—				(26.9	)
Stock-based compensation			4.4				(2.6	)
Other			0.2				0.3
Change in valuation allowance			(40.5	)			(19.8	)
Effective income tax rate			—	%			—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2018 and 2017 consisted of the following (in thousands):

		December 31,
		2018				2017
Deferred tax assets:
Net operating loss carryforwards		$	5,691			$	2,363
Research and development tax credit carryforwards			3,772				2,501
Accrued expenses and other current liabilities			501				392
Intangible assets			38				42
Property and equipment			150				111
Stock-based compensation			1,479				265
Other			382				259
Total deferred tax assets			12,013				5,933
Valuation allowance			(11,257	)			(5,677	)
Net deferred tax assets			756				256
Deferred tax liabilities:
Capitalized software development costs			(756	)			(256	)
Deferred tax liabilities			(756	)			(256	)
Net deferred tax assets and liabilities		$	—			$	—

Summary of Changes in Valuation Allowance

The changes in the valuation allowance for 2018 and 2017 were as follows (in thousands):

		Year Ended December 31,
		2018				2017
Valuation allowance as of beginning of year		$	5,677			$	3,795
Increases recorded to accumulated deficit (adoption of ASU 2016-09)			—				876
Decreases recorded as a benefit to income tax provision			—				(1,368	)
Increases recorded to tax provision			5,580				2,374
Valuation allowance as of end of year		$	11,257			$	5,677

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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