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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate

A reconciliation of the statutory Federal income tax rate and the effective income tax rate for the year ended December 31, 2014 and 2013 follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

Statutory federal income tax rate

 

 

35

%

 

 

35

%

Permanent items

 

 

(12

)%

 

 

(12

)%

State income taxes, net of federal taxes

 

 

4

%

 

 

4

%

Change in valuation allowance

 

 

(29

)%

 

 

(30

)%

Tax credits claimed

 

 

1

%

 

 

2

%

Other

 

 

1

%

 

 

1

%

Effective income tax rate

 

 

0

%

 

 

0

%

 

Summary of Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

Deferred tax assets (liabilities)

 

 

 

 

 

 

 

 

Current deferred tax assets (liabilities)

 

$

187

 

 

$

298

 

Deferred revenues

 

 

 

 

 

 

Current deferred tax assets

 

 

187

 

 

 

298

 

Valuation allowances

 

 

(187

)

 

 

(298

)

Net current deferred tax assets

 

 

 

 

 

 

Net operating loss carryforwards

 

 

22,332

 

 

 

19,224

 

Stock based compensation

 

 

3,359

 

 

 

2,987

 

Research and development tax credit

 

 

1,842

 

 

 

1,627

 

Other

 

 

72

 

 

 

51

 

Non-current deferred tax assets

 

 

27,605

 

 

 

23,889

 

Valuation allowances

 

 

(27,582

)

 

 

(23,884

)

Net non-current deferred tax assets

 

 

23

 

 

 

5

 

Non-current deferred tax liabilities

 

 

(23

)

 

 

(5

)

Net deferred tax assets

 

 

 

 

 

 

 

Summary of Components of Provision for Income Taxes

The components of the provision for income taxes were as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

Current

 

$

 

 

$

 

Deferred

 

 

 

 

 

 

Total

 

$

 

 

$