Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

	Year Ended December 31,			Period from November 30, (Inception) to December 31,
	2018			2017
Current:	(in thousands)
Federal	$	—		$	—
State		2		—
		2		—
Deferred:
Federal		(89	)	—
State		(30	)	—
		(119	)	—
Benefit for income taxes	$	(117	)	$	—

Schedule of Income Tax Rate Reconciliation

Reconciliation of the benefit for income taxes calculated at the statutory rate to our benefit for income taxes is as follows:

	Year Ended December 31,			Period from November 30, (Inception) to December 31,
	2018			2017
	(in thousands)
Tax benefit at federal statutory rate	$	(44,441	)	$	—
State taxes, net of federal benefit		(10,652	)	—
Stock-based compensation		3,629		—
Research tax credits		(708	)	—
Write-off of in-process R&D		5,247		—
Change in fair value of convertible notes		4,454		—
Change in valuation allowance		41,916		—
Other		438		—
Benefit for incomes taxes	$	(117	)	$	—

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	Year Ended December 31, 2018			Period from November 30, (Inception) to December 31, 2017
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	16,437		$	—
Tax credit carryforwards		1,239		—
Intangibles		23,086		—
Accrued expenses		952		—
Lease liabilities		9,730		—
Stock based compensation		360		—
Other	—			—
Total deferred tax assets		51,804		—
Deferred tax liabilities:
Fixed assets		(531	)	—
Right of use leased assets		(9,239	)	—
Investments		(118	)	—
Other	—			—
Total deferred tax liabilities		(9,888	)	—
Net deferred tax assets		41,916		—
Valuation allowance		(41,916	)	—
Net deferred tax assets	$	—		$	—

Summary of Operating Loss Carryforwards

The following table sets forth our federal and state NOL carryforwards and federal research and development tax credits as of December 31, 2018:


	Amount		Expiration
	(in thousands)
Net operating losses, federal	$	59,014	Indefinite
Net operating losses, federal	$	2	2037
Net operating losses, state	$	57,895	2037 - 2038
Tax credits, federal	$	1,180	2037 - 2038
Tax credits, state	$	1,120	Indefinite

Schedule of Reconciliation of Unrecognized Tax Benefits

We apply the provisions of ASC Topic 740 to account for uncertain income tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31, 2018		December 31, 2017
	(in thousands)
Balance at beginning of the year:
Additions based on tax positions related to current year	$	920	$	—
Additions to tax position of prior year	—		—
Balance at end of the year	$	920	$	—