Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision from continuing operations consisted of the following for the years ending December 31, 2021 and 2020 (in thousands):
December 31,
2021 2020
Current:
   Federal $ (219) $ (2,158)
   State (439)
Total Current (218) (2,597)
Deferred:
   Federal 24  (147)
   State (2) (49)
Total Deferred 22  (196)
Net income tax benefit $ (196) $ (2,793)
Schedule of Components of Deferred Tax Assets
The net deferred tax liabilities consisted of the following for the years ending December 31, 2021 and 2020 (in thousands):
  December 31,
  2021 2020
Deferred tax assets (liabilities):          
Net operating losses $ 31,816  $ 14,935 
Tax credits 4,871  2,748 
Stock-based compensation 3,080  2,849 
Accrued compensation 965  893 
Installment sale 445  462 
Other reserves 381  543 
Lease liability 590  358 
Prepaid expenses (353) (247)
Right-of-use asset (472) (224)
Basis difference in tangible and intangible assets, net 2,020  1,935 
Total deferred tax assets, net 43,343  24,252 
Less valuation allowance (43,456) (24,343)
Net deferred taxes $ (113) $ (91)
Reconciliation of Income Tax Expenses Between Federal Statutory Rate and Effective Income Tax Rate The income tax benefit (expense) for the years ended December 31, 2021 and 2020 differed from the amounts computed by applying the U.S. federal income tax rate of 21% as follows:
  December 31,
  2021 2020
Federal statutory rate 21.00  % 21.00  %
Stock compensation (1.48) (0.47)
State taxes —  0.60 
Research and development credit 2.52  2.53 
Acquired in-process research and development —  (8.09)
NOL carryback due to CARES Act 0.26  3.26 
Other (0.15) (0.16)
Valuation allowance (21.93) (14.46)
Effective income tax rate 0.22  % 4.21  %