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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) was as follows for the years ended December 31 (in thousands): 

 

 

 

2019

 

 

2018

 

 

2017

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

State

 

 

53

 

 

 

17

 

 

 

 

 

 

$

53

 

 

$

17

 

 

$

-

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

 

 

 

State

 

 

 

 

 

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

53

 

 

$

17

 

 

$

 

 

Schedule of Income Tax Reconciliation The primary components of such differences are as follows as of December 31 (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Tax computed at the federal statutory rate

 

$

(15,830

)

 

$

(23,771

)

 

$

(99,234

)

State taxes

 

 

(2,453

)

 

 

(2,791

)

 

 

(15,890

)

Permanent items

 

 

21,834

 

 

 

10,932

 

 

 

(1,404

)

R&D credits

 

 

(14,946

)

 

 

(5,630

)

 

 

(6,217

)

Deferred tax asset adjustment

 

 

 

 

 

 

 

 

6,805

 

Impact of federal statutory rate change related to the 2017

   Tax Act

 

 

 

 

 

 

 

 

141,147

 

Prior year adjustments

 

 

(2,792

)

 

 

15,750

 

 

 

 

Other

 

 

 

 

 

 

 

 

(20

)

Change in valuation allowance

 

 

14,240

 

 

 

5,527

 

 

 

(25,187

)

Total provision

 

$

53

 

 

$

17

 

 

$

 

 

Components of Net Deferred Tax Assets The components of the Company’s net deferred tax assets are as follows as of December 31 (in thousands):

 

 

 

 

 

 

2019

 

 

2018

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

$

260,555

 

 

$

257,021

 

Business credit carryforwards

 

 

50,343

 

 

 

35,107

 

Organization costs

 

 

10,472

 

 

 

3,593

 

Compensation

 

 

60,967

 

 

 

72,804

 

Deferred rent

 

 

 

 

 

1,404

 

Lease liabilities

 

 

6,145

 

 

 

 

Other

 

 

13

 

 

 

 

Subtotal

 

 

388,495

 

 

 

369,929

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

 

(4,505

)

 

 

 

Oher deferred tax liabilities

 

 

(76

)

 

 

(255

)

Subtotal

 

 

(4,581

)

 

 

(255

)

Total deferred tax assets

 

 

383,914

 

 

 

369,674

 

Valuation allowance

 

 

(383,914

)

 

 

(369,674

)

Net deferred tax assets

 

$

 

 

$

 

 

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits at December 31 (in thousands):

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

Unrecognized tax benefits - January 1

 

$

8,777

 

 

$

7,151

 

 

$

5,315

 

Gross decreases - tax positions in prior period

 

 

(8,422

)

 

 

 

 

 

 

Gross increases - tax positions in a current period

 

 

1,613

 

 

 

1,626

 

 

 

1,836

 

Unrecognized tax benefits - December 31

 

$

1,968

 

 

$

8,777

 

 

$

7,151