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Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Taxes [Abstract]  
Income taxes

8.

Income taxes

As of both September 30, 2021 and 2020, a valuation allowance was recorded against all deferred tax assets due to the Company’s cumulative net loss position. Provision for income taxes for the three months ended September 30, 2021 and 2020 was $23,000 and $19,000, respectively. Provision for income taxes for the nine months ended September 30, 2021 and 2020 was $66,000 and $64,000, respectively.

As of December 31, 2020, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $296.1 million and $88.0 million, respectively. The federal NOLs begin to expire in 2021 and the state NOLs began expiring in 2020. As of December 31, 2020, the Company had federal and state tax credit carryforwards of approximately $8.6 million and $1.5 million, respectively. The federal and state tax credit carryforwards begin to expire in 2021 and 2028, respectively.

Utilization of net operating loss carryforwards may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986 and similar state provisions. The Company has not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit the Company’s utilization of the net operating losses and could be triggered by subsequent sales of securities by the Company or its stockholders.