Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Components of Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred tax assets and liabilities are as follows:
 
    
December 31,
 
    
201
9
    
201
8
 
Deferred tax assets:
     
Net operating loss carryovers
   $ 56,646,542      $ 49,294,211  
Share-based compensation
     1,770,295        1,754,362  
R&D tax credits
     3,149,249        2,545,920  
Accrued compensation and severance
     454,128        442,090  
Deferred rent
            198,278  
Lease liability
     1,101,248        —    
Intangible assets
     110,178        131,503  
  
 
 
    
 
 
 
Total deferred tax assets
   $ 63,231,640      $ 54,366,364  
Valuation allowance
     (62,136,614      (54,152,886
  
 
 
    
 
 
 
Total deferred tax assets net of valuation allowance
   $ 1,095,026      $ 213,478  
Deferred tax liabilities:
     
Right-of-use asset
     (909,271      —    
Depreciation
     (185,755      (213,478
  
 
 
    
 
 
 
Total deferred tax liabilities
   $ (1,095,026    $ (213,478
  
 
 
    
 
 
 
Net deferred tax asset (liability)
   $    $
  
 
 
    
 
 
 
Summary of Reconciliation of Statutory U.S. Federal Rate to Company's Effective Tax Rate
A reconciliation of the statutory U.S. Federal rate to the company’s effective tax rate is as follows:
 
    
Year Ended December 31,
 
    
201
9
   
201
8
   
201
7
 
Federal income tax benefit at statutory rate
     (21.00 )%      (21.00 )%      (34.00 )% 
State income tax, net of federal benefit
     (15.09     (5.64     (9.95
Permanent items including change in fair value of warrants
     (21.87     4.80       (22.03
Change in valuation allowance
     62.56       23.95       (50.33
R&D tax credits
     (4.72     (2.11     (3.02
Deferred
re-measurement
     —        
 
 
     
118.03
 
Other
    
0.12
     
 
 
      (1.30
  
 
 
   
 
 
   
 
 
 
Effective income tax (benefit) expense rate
     0     0     0