Joby Aero, Inc. General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

The components of loss before taxes are as follows (in thousands):

The provision for income taxes is as follows (in thousands):

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows (dollars in thousands):


	Year Ended December 31,
	2020			2019
	%			%
Tax at federal statutory rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		(6.7	)%		(6.3	)%
Permanent differences		0.2	%		1.6	%
Change in valuation allowance		32.5	%		29.5	%
Tax credits		(5.0	)%		(3.8	)%

Provision for taxes		0.0	%		0.0	%

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019 (in thousands):


	December 31,
	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	72,785		$	42,051
Research and development credits		13,499			7,759
Accruals and reserves		493			551
Property and equipment		811			474
Stock-based compensation		649			418

Total deferred tax assets		88,237			51,253
Valuation allowance		(88,237	)		(51,115	)

Net deferred tax assets		—			138

Deferred tax liabilities
Intangibles		—			(138	)

Total deferred tax liabilities		—			(138	)

Net deferred tax assets	$	—		$	—

The following shows the changes in the gross amount of unrecognized tax benefits as follows (in thousands):


	December 31,
	2020		2019
Unrecognized tax benefits, beginning of the year	$	2,872	$	1,299
Increases related to prior year tax positions		—		—
Decreases related to prior year tax positions		—		—
Increases related to current year tax positions		2,123		1,573

Unrecognized tax benefits, end of year	$	4,995	$	2,872