Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Effective Income Tax Rate Reconciliation

A reconciliation between income tax benefit and the expected tax benefit at the statutory rate for the years ended December 31, 2020 and December 31, 2019 are as follows:


	For the Year Ended December 31,
	2020		2019
Statutory federal income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	6.1	%	6.1	%
Research and development tax credits	4.1	%	2.7	%
Orphan drug tax credits	2.3	%	4.6	%
Expiration of NOLs/Credits	(29.8)	%	(4.0)	%
Permanent adjustments and other	0.3	%	(0.6)	%
Change in valuation allowance	(4.0)	%	(29.8)	%
Effective income tax rate	—	%	—	%

Components of Deferred Tax Assets

The principle components of the Company’s deferred tax assets at December 31, 2020 and December 31, 2019, respectively, are as follows:


	December 31,
	2020		2019
Deferred Tax Assets:
NOL carryforwards	$	60,759	$	58,654
Research and development tax credit carryforwards	14,923		15,408
Orphan drug tax credit carryforwards	18,778		18,088
Depreciation and amortization	8,478		9,671
Capitalized research and development expenditures	34,832		34,487
Stock options	6,584		6,329
Accrued expenses and other	708		131
Oberland agreement	15,872		17,022
Lease liability ASC 842	1,846		45
Total gross deferred tax asset	162,780		159,835
Valuation allowance	(160,987)		(159,794)
Net deferred tax asset	$	1,793	$	41

Deferred tax liabilities:
Right of use asset ASC 842	(1,793)		(41)
Total gross deferred tax liabilities	$	(1,793)	$	(41)

Net deferred tax assets (liabilities)	$	—	$	—