Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Net Income Taxes

A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the accompanying statements of operations is as follows (in thousands):

 

 

 

2014

 

 

2013

 

 

2012

 

U.S. federal taxes (benefit) at statutory rate

 

$

(7,407

)

 

$

(9,592

)

 

$

(24,186

)

State federal income tax benefit

 

 

(571

)

 

 

(1,794

)

 

 

(1,160

)

Unutilized (utilized) net operating losses

 

 

9,809

 

 

 

9,747

 

 

 

7,455

 

Stock-based compensation

 

 

730

 

 

 

486

 

 

 

288

 

Research and development credits

 

 

(952

)

 

 

(1,416

)

 

 

—

 

Tax assets not benefited

 

 

1,322

 

 

 

1,926

 

 

 

143

 

Nondeductible warrant expense

 

 

(3,177

)

 

 

790

 

 

 

17,414

 

Other

 

 

44

 

 

 

55

 

 

 

46

 

Total

 

$

(202

)

 

$

202

 

 

$

—

 

 
Schedule of Significant Components of Net Deferred Tax Assets

The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands):

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

Capitalized start-up costs

 

$

128

 

 

$

179

 

Net operating loss carryforwards

 

 

33,049

 

 

 

31,988

 

Research and development credits

 

 

6,616

 

 

 

5,427

 

Deferred stock compensation

 

 

3,933

 

 

 

3,327

 

Deferred revenue

 

 

26,151

 

 

 

21,151

 

Other (accruals, reserves, depreciation)

 

 

1,019

 

 

 

1,069

 

Total deferred tax assets

 

 

70,896

 

 

 

63,141

 

Less: Valuation allowance

 

 

(70,896

)

 

 

(63,141

)

Net deferred tax assets

 

$

—

 

 

$

—

 

 
Schedule of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:

 

(in thousands)

 

2014

 

 

2013

 

Gross unrecognized tax benefits at January 1,

 

$

1,100

 

 

$

1,100

 

Gross increases (decreases) related to prior year tax positions

 

 

—

 

 

 

—

 

Gross increases (decreases) related to current year tax

   positions

 

 

—

 

 

 

—

 

Settlements

 

 

—

 

 

 

—

 

Expiration of the statute of limitations for the assessment of

   taxes

 

 

—

 

 

 

—

 

Gross unrecognized tax benefits at December 31,

 

$

1,100

 

 

$

1,100