Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Taxes on Income (Tables)

v3.21.1
Taxes on Income (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Components of the Company's Deferred Tax Assets
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows:
 
    
December 31,
 
    
2020
    
2019
 
Deferred tax assets:
     
Net operating loss carryforward
   $ 37,636      $ 20,453  
Research and development costs carryforward
     15,997        13,835  
Accrued Expenses
     446        198  
Share-based compensation
     23        23  
Other
     27        11  
  
 
 
    
 
 
 
Gross deferred tax assets
     54,129        34,520  
  
 
 
    
 
 
 
Valuation allowance
     (54,117      (34,520
  
 
 
    
 
 
 
Deferred tax liabilities:
     
Property and equipment
     (12      (11
  
 
 
    
 
 
 
Net deferred tax
   $ —        $ —    
  
 
 
    
 
 
 
Summary of Loss Before Taxes on Income
  e.
Loss before taxes on income is comprised as follows:
 
    
Year ended December 31,
 
    
2020
    
2019
    
2018
 
Domestic
   $ (81,462    $ (67,316    $ (56,376
Foreign
     134        15        76  
  
 
 
    
 
 
    
 
 
 
Loss before taxes on income
   $ (81,328    $ (67,301    $ (56,300
  
 
 
    
 
 
    
 
 
 
Summary of Income Taxes
  f.
Income taxes are comprised as follows:
 
    
Year ended
December 31,
 
    
2020
    
2019
    
2018
 
Current
   $ 183      $ 10      $ 32  
  
 
 
    
 
 
    
 
 
 
Domestic
     128        —          15  
Foreign
     55        10        17  
  
 
 
    
 
 
    
 
 
 
   $ 183      $ 10      $ 32  
  
 
 
    
 
 
    
 
 
 
Summary of Reconciliation of Effective Income Tax Rate
  g.
The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows:
 
    
Year ended December 31,
 
    
2020
   
2019
   
2018
 
Israel tax provision at statutory rate
     23.00     23.00     23.00
Non-deductible
share-based compensation
     (0.61 %)      (0.63 %)      (0.60 %) 
Effect of other permanent differences
     (3.92 %)      (0.06 %)      (0.08 %) 
Change in valuation allowance
     (18.95 %)      (22.32 %)      (21.94 %) 
Other adjustments
     0.25     —         0.44
  
 
 
   
 
 
   
 
 
 
Effective tax rate
     (0.23 %)      (0.01 %)      (0.06 %)