Annual report pursuant to Section 13 and 15(d) 12-31-2014

Income Taxes (Tables)

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

The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax benefit (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2014

 

 

2013

 

Federal statutory rate

 

 

(34.0

)%

 

 

(34.0

)%

State taxes, net of federal benefit

 

 

(4.3

)%

 

 

(4.3

)%

Research and development credits

 

 

(0.7

)%

 

 

(3.0

)%

Equity related expenses

 

 

2.9

%

 

 

(5.0

)%

Change in valuation allowance

 

 

36.1

%

 

 

46.3

%

Total income tax expense

 

 

0.0

%

 

 

0.0

%

 

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

50,673

 

 

$

42,661

 

Depreciation

 

 

60

 

 

 

17

 

Research credits

 

 

2,587

 

 

 

2,350

 

Other

 

 

6,057

 

 

 

2,823

 

Total deferred tax assets

 

 

59,377

 

 

 

47,851

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(918

)

 

 

(1,028

)

Total deferred tax liabilities

 

 

(918

)

 

 

(1,028

)

Net deferred tax assets

 

 

58,459

 

 

 

46,823

 

Less valuation allowance

 

 

(58,593

)

 

 

(46,957

)

Net deferred tax assets (liabilities)

 

$

(134

)

 

$

(134

)