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]  
Schedule of Deferred Tax Assets and Liabilities
The significant components of the Company’s deferred tax assets consisted of the following:
 
 
As of December 31,
 
 
 
2014
 
2013
 
($ in thousands)
 
 
 
 
 
 
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
38,974
 
$
31,450
 
Amortization of up-front fees
 
 
2,668
 
 
2,865
 
Amortization of in-process R&D
 
 
525
 
 
460
 
Stock compensation
 
 
4,512
 
 
2,827
 
Accruals and reserves
 
 
518
 
 
854
 
Tax credits
 
 
3,856
 
 
2,686
 
Total deferred tax assets
 
 
51,053
 
 
41,142
 
Valuation allowance
 
 
(50,567)
 
 
(41,142)
 
Net deferred tax assets
 
$
486
 
$
—
 
Deferred tax liabilities:
 
 
 
 
 
 
 
Unrealized gain/loss on investment
 
$
(486)
 
$
—
 
Total deferred tax assets, net
 
$
—
 
$
—
 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory tax rates and the effective tax rates is as follows:
 
 
 
For the Year Ended December 31,
 
 
 
2014
 
 
2013
 
 
2012
 
Percentage of pre-tax income:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. federal statutory income tax rate
 
 
35
%
 
 
35
%
 
 
35
%
State taxes, net of federal benefit
 
 
5
%
 
 
4
%
 
 
4
%
Credits
 
 
6
%
 
 
4
%
 
 
1
%
Non-deductible items
 
 
(1)
%
 
 
(2)
%
 
 
(2)
%
Other (1)
 
 
—
%
 
 
(1)
%
 
 
(5)
%
Change in valuation allowance
 
 
(45)
%
 
 
(40)
%
 
 
(33)
%
Effective income tax rate
 
 
—
%
 
 
—
%
 
 
—
%
 
(1) – Other consists of: in 2014 (0%), in 2013 state NOL true-up (1%), and in 2012 state rate change (5%).