Corvus Pharmaceuticals, Inc. - 10-K filing on 2017-03-10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of components of loss before income tax

The components of loss before income tax is as follows (in thousands):

		2016			2015			2014
Domestic		$	(11,375	)	$	(31,335	)	$	(161	)
Foreign			(25,000	)		—			—

		$	(36,375	)	$	(31,335	)	$	(161	)

Schedule of reconciliation of the effective tax rate to the U.S. Federal statutory rate

		December 31, 2016			December 31, 2015			December 31, 2014
Federal tax benefit at statutory rate			34	%		34	%		34	%
State tax, net of Federal benefit			8			3			6
Loss due to change in fair value of convertible preferred stock liability			—			(19	)		—
Foreign rate differential			(23	)		—			—
Change in valuation allowance			(19	)		(18	)		(40	)

Effective income tax rate			0	%		0	%		0	%

Schedule of principal components of the net deferred tax assets

The principal components of the Company's net deferred tax assets are as follows (in thousands)

		December 31, 2016			December 31, 2015
Net operating loss carryforwards		$	9,339		$	4,671
Tax credit carryforwards			1,960			445
Capitalized tax assets			241			528
Accruals			230			108
Stock compensation			954			43
Other			67			71

Total deferred tax assets			12,791			5,866
Valuation allowance			(12,791	)		(5,866	)

Net deferred tax assets		$	—		$	—

Schedule of unrecognized tax benefits activity

		December 31, 2016			December 31, 2015			December 31, 2014
Unrecognized tax benefits beginning of the period		$	135		$	—		$	—
Increase related to the prior year			6			—			—
Increased related to the current year			463			135			—

Unrecognized tax benefits, end of the period		$	604		$	135		$	—