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]  
Components of Deferred Tax Assets

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

 

     December 31  
     2014      2013  

Deferred tax assets:

     

Federal and state net operating loss carryforwards

   $ 71,153       $ 60,569   

Capitalized research and development

     22,314         22,349   

Federal and state tax credit carryforwards

     7,083         6,600   

Other

     1,470         1,313   
  

 

 

    

 

 

 

Total deferred tax assets

  102,020      90,831   

Valuation allowance

  (102,020   (90,831
  

 

 

    

 

 

 

Net deferred tax assets

$ —      $ —     
  

 

 

    

 

 

 
Summary of Reconciliation of Expected Statutory Federal Income Tax Provision to Actual Income Tax Provision

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

 

     December 31  
     2014      2013  

Expected income tax benefit at federal statutory tax rate

   $ (10,851    $ (3,424

Net operating loss adjustments

     (1,703      4,441   

Change in valuation allowance

     11,189         (1,757

State income taxes, net of federal benefit

     (783      583   

Permanent items

     2,595         555   

Research credits

     (446      (396

Other, net

     (1      (2
  

 

 

    

 

 

 

Income tax (benefit) expense

$ —      $ —     
  

 

 

    

 

 

 
Summary of Gross Unrecognized Tax Benefits

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

 

     Total  

Balance as of December 31, 2012

   $ 1,747   

Increases related to prior year tax positions

     65   

Increases related to 2013 tax positions

     53   
  

 

 

 

Balances as of December 31, 2013

$ 1,865   

Increases related to prior year tax positions

  —     

Increases related to 2014 tax positions

  126   
  

 

 

 

Balances as of December 31, 2014

$ 1,991