INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Pre-tax Income (Loss)

The following table sets forth the components of the Company's loss before income taxes by country (in thousands):

	Year ended December 31,
	2019			2018			2017
Country:
United States	$	(27,468	)	$	(15,977	)	$	(9,246	)
Canada	(80,032		)	(17,716		)	(19,783		)
Total Loss before Income Taxes	$	(107,500	)	$	(33,693	)	$	(29,029	)

Reconciliation of Expected Income Tax Expense

The following table sets forth a reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate:

	Year ended December 31,
	2019		2018		2017
United States federal statutory income tax rate	21.0	%	21.0	%	34.0	%
Impact of foreign rate differential	4.4		1.6		(2.6	)
State taxes, net of federal benefit	0.6		1.3		1.4
Stock option cancellations	—		(1.2	)	(0.8	)
Contingent consideration	(18.0	)	(5.5	)	(10.7	)
General business credits and other credits	0.4		0.7		0.8
Permanent differences	—		(0.3	)	0.3
Other	(0.5	)	0.5		—
United States federal statutory tax rate change	—		—		(50.6	)
Change in valuation allowance	(7.9	)	(18.1	)	28.2
Effective Income Tax Rate	—	%	—	%	—	%

Components of Deferred Tax Assets and Liabilities

The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the Company's deferred tax assets and liabilities (in thousands):

	December 31,
	2019			2018
Deferred tax assets:
NOL carryforwards	$	50,727		$	43,212
R&D credit carryforwards	4,385			3,876
Accruals and other	2,464			2,011
Capitalized start-up costs	91			122
Other	57			32
Gross deferred tax assets	57,724			49,253
Deferred tax liabilities:
IPR&D	(12,528		)	(12,528		)
Property and equipment	—			(60		)
Gross deferred tax liabilities	(12,528		)	(12,588		)
Valuation allowance	(57,724		)	(49,193		)
Net Deferred Tax Liability	$	(12,528	)	$	(12,528	)

Schedule of Credit Carryforwards

The following table summarizes the Company's NOL and R&D and other credit carryforwards in the United States and Canada as of December 31, 2019 (in millions):

	Amount		Expiration Beginning in	Through
United States:
Federal NOL carryforwards - indefinite	$	41.2	None	None
Federal NOL carryforwards	$	118.9	2030	2039
State NOL carryforwards	$	131.2	2030	2039
Federal R&D credit carryforwards	$	2.2	2027	2039
State R&D credit carryforwards	$	0.9	2027	2039
Canada:
Federal non-capital loss carryforwards	$	32.6	2035	2039
Federal scientific research and experimental development expense carryforwards	$	6.2	2032	2039
Federal and provincial investment tax credit carryforwards	$	1.5	2032	2039