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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax

The provision for income taxes consist of the following (in thousands):

		December 31,
		2018				2017
Current Tax Expense:
Federal		$	—			$	—
State			33				—
		$	33			$	—

Schedule of Temporary Differences Between Basis of Deferred Tax Assets and Liabilities

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets consist of the following (in thousands):

		December 31,
		2018				2017
Deferred tax assets:
Net operating loss carryforwards		$	33,275			$	21,248
Tax credit carryforwards			4,365				3,038
Accrued expenses			103				32
Property and equipment			—				390
Deferred rent			2,209				53
Equity compensation			784				503
Amortizable intangibles			1,339				1,492
Other			78				—
Gross deferred tax assets			42,153				26,756
Deferred tax liability:
Other			—				(241	)
Property and equipment			(1,863	)			—
Valuation allowance			(40,290	)			(26,515	)
Net deferred tax assets		$	—			$	—

Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows (dollars in thousands):

		Years ended December 31,
		2018				2017
		Tax Rate				Tax Rate
U.S. federal statutory rate			21	%			34	%
State income taxes, net of federal benefit			6	%			5	%
Other permanent differences			(1	)%			(1	)%
Tax credits			3	%			5	%
Other items			(1	)%			—
Change in rate due to Tax Reform			—				(27	)%
Mirna acquisition			—				17	%
Net change in valuation allowance			(28	)%			(33	)%
Effective income tax rate			—				—

Schedule of Valuation Allowance

A roll-forward of the valuation allowance for the years ended December 31, 2018 and 2017 is as follows (in thousands):

		Years ended December 31,
		2018				2017
Balance at beginning of year		$	(26,515	)		$	(13,060	)
Increase in valuation allowance			(13,775	)			(13,455	)
Balance at end of year		$	(40,290	)		$	(26,515	)

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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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.

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