Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

AmpliPhi Biosciences Corporation [Member]

(Loss) Income from Continuing Operations Before Income Taxes

Loss before income taxes consisted of the following components:

	Year Ended December 31,
	2018		2017
United States	$	(7,221,000)	$	(6,934,000)
Foreign		(5,217,000)		(7,206,000)
Total	$	(12,438,000)	$	(14,140,000)

Income Tax Benefit

The benefit from income taxes consisted of the following components:

	Year Ended December 31,
	2018		2017
Current:
Federal	$	—	$	—
State		—		—
Foreign		—		—
		—		—
Deferred:
Federal		—		—
State		—		—
Foreign		(328,000)		(1,302,000)
		(328,000)		(1,302,000)
Total	$	(328,000)	$	(1,302,000)

Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets and liabilities were as follows:

	December 31,
	2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	44,157,000	$	44,049,000
Research and development and other tax credits, net		2,523,000		3,109,000
Stock-based compensation		272,000		188,000
Other		196,000		165,000
		47,148,000		47,511,000
Valuation allowance		(47,148,000)		(47,511,000)
Total deferred tax assets		—		—
Deferred tax liabilities:
In-process research and development		(819,000)		(1,147,000)
Total deferred tax liabilities	$	(819,000)	$	(1,147,000)

Reconciliation of Statutory to Effective Tax Rates

The differences between the Company’s effective tax rate and the U.S. federal statutory tax rate were as follows:

	December 31,
	2018		2017
U.S. federal statutory income tax rate	21.0	%	34.0	%
Adjustments for tax effects of:
Fair value of derivative liabilities	0.2	%	3.6	%
Foreign rate differential	0.3	%	(4.4)	%
Stock-based compensation	(0.3)	%	(1.0)	%
State taxes, net of federal benefit	0.3	%	(1.7)	%
Australia refundable R&D tax offset	(4.6)	%	(2.4)	%
NOL and credit expiration	(20.3)	%	—	%
Effect of change in statutory tax rates	(0.3)	%	(184.2)	%
Change in reserve of uncertain tax positions	3.2	%	—	%
Change in valuation allowance	3.4	%	170.9	%
All other	(0.1)	%	(5.6)	%
Effective income tax rate	2.8	%	9.2	%

C3J [Member]

Components of Deferred Tax Assets

	December 31,
	2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	17,035,000	$	13,801,000
Capitalized research and development		15,504,000		15,502,000
Deferred consideration		313,000		—
Stock-based compensation		934,000		927,000
Depreciation and amortization		1,237,000		80,000
Deferred rent		189,000		226,000
Other		906,000		904,000
		36,118,000		31,440,000
Valuation allowance		(36,118,000)		(31,440,000)
Total deferred tax assets	$	—	$	—

Reconciliation of Statutory to Effective Tax Rates

	December 31,
	2018		2017
U.S. federal statutory income tax rate	21.0	%	34.0	%
Adjustments for tax effects of:
State income taxes, net of federal tax	7.0	%	13.8	%
Change in tax rate	0.0	%	(97.0)	%
Stock-based compensation	0.0	%	(7.9)	%
Loss on sale of foreign subsidiary	0.0	%	6.6	%
Change in valuation allowance	(28.0)	%	50.5	%
Effective income tax rate	0.0	%	0.0	%