Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
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):

 

 

 

2015

 

 

2014

 

 

2013

 

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

 

$

14,900

 

 

$

(7,407

)

 

$

(9,592

)

State federal income tax benefit

 

 

(448

)

 

 

(571

)

 

 

(1,794

)

Unutilized (utilized) net operating losses

 

 

(11,287

)

 

 

9,809

 

 

 

9,747

 

Stock-based compensation

 

 

898

 

 

 

730

 

 

 

486

 

Research and development credits

 

 

(3,135

)

 

 

(952

)

 

 

(1,416

)

Tax assets not benefited

 

 

4,732

 

 

 

1,322

 

 

 

1,926

 

Nondeductible warrant expense

 

 

(5,703

)

 

 

(3,177

)

 

 

790

 

Other

 

 

43

 

 

 

44

 

 

 

55

 

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,

 

 

 

2015

 

 

2014

 

Capitalized start-up costs

 

$

103

 

 

$

128

 

Net operating loss carryforwards

 

 

47,725

 

 

 

33,049

 

Research and development credits

 

 

11,354

 

 

 

6,616

 

Deferred stock compensation

 

 

5,130

 

 

 

3,933

 

Deferred revenue

 

 

0

 

 

 

26,151

 

Other (accruals, reserves, depreciation)

 

 

359

 

 

 

1,019

 

Total deferred tax assets

 

 

64,671

 

 

 

70,896

 

Less: Valuation allowance

 

 

(64,671

)

 

 

(70,896

)

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)

 

2015

 

 

2014

 

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