General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Loss Before Income Taxes
Loss before income taxes consisted of the following:
 
    
Year Ended

December 31,
 
    
2020
    
2019
 
Domestic loss
   $ 28,300      $ 19,364  
Foreign loss
     3,804        12,621  
  
 
 
    
 
 
 
   $ 32,104      $ 31,985  
  
 
 
    
 
 
 
Summary of Income Tax Provision
The income tax provision consists of the following:
 
    
Year Ended

December 31,
 
    
    2020    
    
2019
 
Current income tax provisions:
     
Federal
   $ —        $ —    
State
     —          —    
Foreign
     321        338  
  
 
 
    
 
 
 
Current income tax provision
     321        338  
  
 
 
    
 
 
 
Deferred income tax expense (benefit):
     
Federal
     —          —    
State
     —          —    
Foreign
     79        (4
  
 
 
    
 
 
 
Deferred income tax expense (benefit)
     79        (4
  
 
 
    
 
 
 
Total income tax provision
   $ 400      $ 334  
  
 
 
    
 
 
 
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
The following table presents a reconciliation of the federal statutory rate of 21% to effective tax rate:
 
    
Year Ended

December 31,
 
    
    2020    
   
2019
 
U.S. federal tax benefit at statutory rate
     21.0     21.0
State income taxes, net of federal benefit
     3.5     2.5
Non-deductible
expenses and other
     (0.9 )%      0.1
Research and development credits
     5.4     (0.8 )% 
Foreign rate differential
     (0.6 )%      1.1
Change in valuation allowance, net
     (29.6 )%      (25.0 )% 
  
 
 
   
 
 
 
Effective tax rate
     (1.2 )%      (1.1 )% 
  
 
 
   
 
 
 
Summary of Significant Components of Deferred Tax Assets (Liabilities)
The significant components of deferred tax assets (liabilities) are as follows:
 
    
Year Ended

December 31,
 
    
2020
    
2019
 
Deferred tax assets
     
Net operating loss carryforward
   $ 38,529      $ 35,013  
Research and development credit carryforward
     2,454        735  
Stock-based compensation
     52        34  
Property and equipment
     367        706  
Intangibles
     855        —    
Other accruals
     1,073        318  
  
 
 
    
 
 
 
Gross deferred tax assets
     43,330        36,806  
Less: Valuation allowance
     (43,330      (36,806
  
 
 
    
 
 
 
Net deferred tax assets
     —          —    
Deferred tax liabilities
     
Foreign property and equipment and intangibles
     (338      (269
  
 
 
    
 
 
 
Gross deferred tax liabilities
     (338      (269
  
 
 
    
 
 
 
Net deferred tax liabilities
   $ (338    $ (269