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]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of pre-tax (losses) income before income taxes for the years ended December 31, 2020, 2019 and 2018 are as follows:
(in thousands) 2020 2019 2018
Canada $ (61,024) $ (88,694) $ (53,290)
Foreign (41,750) 453  284 
$ (102,774) $ (88,241) $ (53,006)
Schedule of Components of Income Tax Expense (Benefit) Income tax (benefit) expense for the years ended December 31, 2020, 2019 and 2018 are as follows:
(in thousands) 2020 2019 2018
Current:
Canada $   $ —  $ — 
Foreign (94) 144  73 
(94) 144  73 
Deferred:
Canada   —  — 
Foreign   —  — 
Total deferred   —  — 
Income tax (benefit) expense $ (94) $ 144  $ 73 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes varied from the income taxes provided based on the Canadian statutory rate of 26.8%, 25.4%, and 27.0% in the years ending December 31, 2020, 2019 and 2018, respectively.
2020 2019 2018
Canada statutory income tax benefit 26.8  % 25.4  % 27.0  %
Effect of tax rates on foreign jurisdictions (2.4) —  — 
Impact of future rates and tax rate changes 6.1  (0.9) — 
Non-deductible share-based compensation (4.5) (2.1) (3.5)
Change in valuation allowance (26.0) (22.3) (23.0)
Other 0.1  (0.3) (0.6)
Effective tax rate 0.1  % (0.2) % (0.1) %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of the temporary differences giving rise to the Company's net deferred tax assets as of December 31, 2020 and 2019 are summarized as follows:
(in thousands) 2020 2019
Deferred tax assets:
Loss carry-forwards $ 80,087  $ 56,533 
Share issue costs 6,295  4,734 
Intangible assets 2,718  1,710 
SRED (Scientific Research and Experimental Development) 4,808  3,938 
Royalty obligation 4,006  2,005 
Other 5,243  2,553 
Total deferred tax assets 103,157  71,473 
Valuation allowance (101,792) (71,459)
Net deferred tax assets 1,365  14 
Deferred tax liabilities:
Right of use asset (1,173) — 
Property and equipment (192) (14)
Deferred tax liabilities (1,365) (14)
Net deferred tax assets (liabilities) $ —  $ —