Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
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 expense:

 

    Year Ended December 31,  
    2016     2015  
Federal statutory rate     (35.0 )%     (35.0 )%
State taxes, net of federal benefits     (3.4 )%     (2.3 )%
Research and development credits     (0.0 )%     1.5 %
Equity related expenses     (1.8 )%     10.7 %
Change in valuation allowance     40.1 %     25.10 %
Other     0.10 %     0.00 %
Total income tax expense     0.00 %     0.00 %

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,  
    2016     2015  
Deferred tax assets:                
Net operating loss carryforwards   $ 61,279     $ 56,679  
Depreciation     474       37  
Federal R&D Credit     2,222       2,222  
Other     7,107       6,308  
Total deferred tax assets     71,082       65,246  
                 
Deferred tax liabilities:                
Amortization of intangibles     (697 )     (807 )
Total deferred tax liabilities     (697 )     (807 )
Net deferred tax asset     70,385       64,439  
Less valuation allowance     (70,519 )     (64,573 )
Net deferred tax liabilities   $ (134 )   $ (134 )