Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Losses Before Provision for Income Taxes

Losses before provision for income taxes were as follows in each period presented:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

United States

 

$

(306,758

)

 

$

(291,049

)

 

$

(230,765

)

Foreign

 

 

153

 

 

 

85

 

 

 

22

 

Total loss before provision for income taxes

 

$

(306,605

)

 

$

(290,964

)

 

$

(230,743

)

Components of Provision for (Benefit from) Income Taxes The components of provision for (benefit from) income taxes were as follows in each period presented:

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Current provision for (benefit from) income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

(31

)

State

 

 

2

 

 

 

 

 

 

(15

)

Foreign

 

 

13

 

 

 

12

 

 

 

2

 

Total current provision for (benefit from) income

   taxes

 

$

15

 

 

$

12

 

 

$

(44

)

Reconciliation of Statutory Tax Rates to Effective Tax Rates

A reconciliation of statutory tax rates to effective tax rates were as follows in each of the periods presented:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Federal income taxes at statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Impact of stock compensation

 

 

(2.4

%)

 

 

0.1

%

 

 

 

Non-deductible executive compensation

 

 

(0.1

%)

 

 

(0.7

%)

 

 

(0.7

%)

Capitalized research

 

 

 

 

 

 

 

 

7.8

%

Other

 

 

0.3

%

 

 

(0.2

%)

 

 

(0.6

%)

Change in valuation allowance

 

 

(18.8

%)

 

 

(20.2

%)

 

 

(27.5

%)

Effective tax rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities were as follows for each of the dates presented:

 

 

 

As of December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating losses

 

$

237,010

 

 

$

162,436

 

Stock-based compensation

 

 

20,672

 

 

 

17,573

 

Capitalized expenses

 

 

12,590

 

 

 

14,129

 

License fees

 

 

8,159

 

 

 

6,870

 

Operating lease liabilities

 

 

4,251

 

 

 

4,325

 

Legal fees

 

 

2,136

 

 

 

1,683

 

Tax credits

 

 

1,580

 

 

 

 

Other

 

 

5,360

 

 

 

3,329

 

Total deferred tax assets

 

 

291,758

 

 

 

210,345

 

Valuation allowance

 

 

(287,349

)

 

 

(205,249

)

Total deferred tax assets

 

 

4,409

 

 

 

5,096

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Operating lease assets

 

 

(3,541

)

 

 

(3,921

)

Other

 

 

(868

)

 

 

(1,175

)

Total deferred tax liabilities

 

 

(4,409

)

 

 

(5,096

)

 

 

 

 

 

 

 

 

 

Net deferred tax assets (liabilities)

 

$

 

 

$

 

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

The changes in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2018, 2019 and 2020 are as follows:

 

 

(In thousands)

 

Balance as of January 1, 2018

$

30,051

 

Gross increases for tax positions related to current year

 

12,927

 

Gross increases for tax positions related to prior year

 

704

 

Gross decreases for tax positions related to prior year

 

(2,608

)

Balance as of December 31, 2018

 

41,074

 

Gross increases for tax positions related to current year

 

22,800

 

Gross increases for tax positions related to prior year

 

22,126

 

Gross decreases for tax positions related to prior year

 

 

Balance as of December 31, 2019

 

86,000

 

Gross increases for tax positions related to current year

 

24,648

 

Gross increases for tax positions related to prior year

 

 

Gross decreases for tax positions related to prior year

 

(47

)

Balance as of December 31, 2020

$

110,601