Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
 
 
 
For the years ended December 31,
 
 
 
2018
 
 
2017
 
Statutory federal income tax rate
 
 
21
%
 
 
35
%
State taxes, net of federal tax benefit
 
 
9
%
 
 
8
%
Federal tax rate change
 
 
0
%
 
 
(20
)%
State tax rate change
 
 
0
%
 
 
1
%
Non-deductible items
 
 
0
%
 
 
(3
)%
Other
 
 
0
%
 
 
(1
)%
Credits
 
 
5
%
 
 
1
%
Change in valuation allowance
 
 
(35
)%
 
 
(21
)%
Income taxes provision (benefit)
 
 
0
%
 
 
0
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the net deferred tax asset as of December 31, 2018 and 2017 are the following (in thousands):
 
 
 
As of December 31,
 
 
 
2018
 
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
10,160
 
 
$
4,220
 
Stock compensation and other
 
 
658
 
 
 
70
 
Change in warrant liabilities
 
 
-
 
 
 
226
 
Amortization of license
 
 
1,006
 
 
 
1,064
 
Accruals and reserves
 
 
221
 
 
 
8
 
Tax credits
 
 
1,294
 
 
 
154
 
Total deferred tax assets
 
 
13,339
 
 
 
5,742
 
Less valuation allowance
 
 
(13,339
)
 
 
(5,742
)
Deferred tax assets, net of valuation allowance
 
$
-
 
 
$
-