Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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

 

    Year Ended December 31,  
    2015     2014  
Federal statutory rate     (35.0 )%     (34.0 )%
State taxes, net of federal benefit     (2.3 )%     (4.3 )%
Research and development credits     1.5 %     (0.7 )%
Equity related expenses     10.7 %     2.9 %
Change in valuation allowance     25.1 %     36.1 %
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,  
    2015     2014  
Deferred tax assets:                
Net operating loss carryforwards   $ 56,679     $ 50,673  
Depreciation     37       60  
Research credits     2,222       2,587  
Other     6,308       6,057  
Total deferred tax assets     65,246       59,377  
Deferred tax liabilities:                
Amortization of intangible assets     (807 )     (918 )
Total deferred tax liabilities     (807 )     (918 )
Net deferred tax assets     64,439       58,459  
Less valuation allowance     (64,573 )     (58,593 )
Net deferred tax assets (liabilities)   $ (134 )   $ (134 )