Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Summary of Reconciliation of Statutory Tax Expense to Actual Tax Expense

A reconciliation of statutory tax expense to actual tax expense is as follows:

 

     Year Ended December 31,  
  

(Amounts in Thousands)

   2017     

 

     2016       2015  
     

 

 

       

Federal benefit at statutory rate of 34%

   ($ 8,833       ($ 4,109    ($ 2,002

State Taxes (Net of Fed. Benefit)

     3           —        —  

Nondeductible expenses

     (154         325        237  

Recognized R&D tax credits

     —             (418      —  

Other credits generated

     —           (58      —  

Deferred rate change

     3,346           —        —  

Change in valuation allowance

     5,638           4,260        1,765  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total income tax

   $ —           $ —      $ —  
  

 

 

    

 

 

    

 

 

    

 

 

 

Schedule of Deferred Assets

Deferred assets consist of the following:

 

     Year Ended December 31,  

(Amounts in Thousands)

   2017      2016  
     

Net operating loss

     9,252        8,974  

Stock-based compensation

     2,691        —    

Financing lease obligation

     2,131        —    

Credits

     735        592  

Accrued expenses

     576        574  

Other

     8        81  
  

 

 

    

 

 

 

Total deferred tax assets

     15,393        10,221  

Property and equipment

     (2,600      (53

Deferred revenue

     (1      9  
  

 

 

    

 

 

 

Total deferred tax liabilities

     (2,601      (44

Less valuation allowance

     (12,792      (10,177
  

 

 

    

 

 

 

Total

   $ —        $ —