Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities
(in thousands)   2020     2019  
Deferred tax assets:            
Net operating losses carry forward   $ 33,955     $ 31,688  
Share-based compensation     1,689       1,422  
Research and development/orphan drug credits     12,638       10,872  
Intangibles     7,873       5,942  
Others     19       13  
Less: valuation allowance     (56,174 )     (49,937 )
                 
Deferred tax assets, net   $ -     $ -  
Schedule of difference between income tax provision and U.S Federal statutory rates
(in thousands)   December 31,
2020
    December 31,
2019
 
                         
Federal statutory income taxes   $ (4,665 )     (21.0 )%   $ (4,599 )     (21.0 )%
State income taxes     56       0.3 %     1,077       4.9 %
Deferred true-up     (64 )     (0.3 )%     1,810       8.3 %
Research and Development/Orphan Drug Tax Credit     (1,766 )     (8.0 )%     (1,975 )     (9.0 )%
Other     202       0.9 %     145       0.6 %
Change in valuation allowance     6,237       28.1 %     3,542       16.2 %
                                 
Provision for income tax   $ -       -     $ -       -