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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of reconciliation of effective income tax rate

​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2020	​	2019		2018
Income tax computed at federal statutory tax rate		21	%	21	%	21	%
State taxes, net of federal benefit		5.20	%	5.20	%	6.4	%
General business credit carryovers		4.80	%	2.80	%	4.4	%
Stock Options		(1.8)	%	(2.2)	%	0.7	%
Non-deductible expenses		(0.1)	%	(0.1)	%	(0.1)	%
Change in valuation allowance		(29.10)	%	(26.70)	%	(32.4)	%
​		—	%	—	%	—	%

Schedule of components of deferred tax assets and liabilities

​

​

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The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2020 and 2019 (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2020		​	2019
Deferred tax assets:	​	​	​	​	​	​
Net operating loss carryforwards	​	$	70,751	​	$	50,511
Tax credit carryforwards	​		19,353	​		13,767
Accrued expenses	​		11,372	​		2,219
Capitalized patent costs	​		46,197	​		39,070
Lease Liabilities	​		7,083	​		7,879
Deferred revenue	​		25,724	​		31,880
Construction financing lease obligation	​		—	​		—
Other	​		5,204	​		7,865
Total deferred tax assets	​	​	185,684	​	​	153,191
Less valuation allowance	​	​	(178,307)	​	​	(144,540)
Net deferred tax assets	​	​	7,377	​	​	8,651
Deferred tax liabilities	​	​	(7,377)	​	​	(8,651)
Depreciation and amortization	​	​	(567)	​	​	(859)
Right-of-use assets	​	​	(6,810)	​	​	(7,792)
Net deferred taxes	​	$	—	​	$	—

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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=84230637&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=84230637&loc=d3e32687-109319

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