Components of Net Deferred Tax Assets |
The components of the Company’s net deferred tax assets as of December 31, 2015 and 2014 are as follows (in thousands):
|
|
Federal |
|
|
State |
|
|
Total |
|
Deferred tax assets—2015: |
|
|
|
|
|
|
|
|
|
|
|
|
Net operating loss carry forwards |
|
$ |
125,244 |
|
|
$ |
21,489 |
|
|
$ |
146,733 |
|
Business credit carryforwards |
|
|
11,528 |
|
|
|
6,373 |
|
|
|
17,901 |
|
Organization costs |
|
|
166 |
|
|
|
29 |
|
|
|
195 |
|
Compensation |
|
|
38,138 |
|
|
|
6,545 |
|
|
|
44,683 |
|
Depreciation |
|
|
180 |
|
|
|
30 |
|
|
|
210 |
|
Other |
|
|
53 |
|
|
|
9 |
|
|
|
62 |
|
|
|
|
175,309 |
|
|
|
34,475 |
|
|
|
209,784 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total deferred tax assets |
|
|
175,309 |
|
|
|
34,475 |
|
|
|
209,784 |
|
Valuation allowance |
|
|
(175,309 |
) |
|
|
(34,475 |
) |
|
|
(209,784 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
Federal |
|
|
State |
|
|
Total |
|
Deferred tax assets—2014: |
|
|
|
|
|
|
|
|
|
|
|
|
Net operating loss carry forwards |
|
$ |
71,535 |
|
|
$ |
12,273 |
|
|
$ |
83,808 |
|
Business credit carryforwards |
|
|
6,499 |
|
|
|
3,429 |
|
|
|
9,928 |
|
Organization costs |
|
|
185 |
|
|
|
32 |
|
|
|
217 |
|
Compensation |
|
|
12,178 |
|
|
|
2,090 |
|
|
|
14,268 |
|
Depreciation |
|
|
109 |
|
|
|
19 |
|
|
|
128 |
|
Other |
|
|
72 |
|
|
|
12 |
|
|
|
84 |
|
|
|
|
90,578 |
|
|
|
17,855 |
|
|
|
108,433 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total deferred tax assets |
|
|
90,578 |
|
|
|
17,855 |
|
|
|
108,433 |
|
Valuation allowance |
|
|
(90,578 |
) |
|
|
(17,855 |
) |
|
|
(108,433 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of Income Tax Reconciliation |
The provision (credit) for income taxes in the accompanying Consolidated Statements of Operations differs from the amount calculated by applying the statutory income tax rate to income (loss) from continuing operations before income taxes. The primary components of such differences are as follows as of December 31 (in thousands):
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
Tax computed at the federal statutory rate |
|
$ |
(81,356 |
) |
|
$ |
(48,268 |
) |
|
$ |
(18,584 |
) |
State taxes |
|
|
(16,620 |
) |
|
|
(8,465 |
) |
|
|
(3,948 |
) |
Permanent items |
|
|
4,225 |
|
|
|
9,956 |
|
|
|
(806 |
) |
R&D credits |
|
|
(5,029 |
) |
|
|
(3,697 |
) |
|
|
— |
|
Other |
|
|
(2,571 |
) |
|
|
690 |
|
|
|
— |
|
Change in valuation allowance |
|
|
101,351 |
|
|
|
49,784 |
|
|
|
23,338 |
|
Total provision |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Reconciliation of Unrecognized Tax Benefits |
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits at December 31:
(in thousands) |
|
2015 |
|
|
2014 |
|
|
2013 |
|
Unrecognized tax benefits—January 1 |
|
$ |
2,482 |
|
|
$ |
1,263 |
|
|
$ |
205 |
|
Gross decreases—tax positions in prior period |
|
|
— |
|
|
|
(205 |
) |
|
|
— |
|
Gross increases—tax positions in current period |
|
|
1,993 |
|
|
|
1,424 |
|
|
|
1,058 |
|
Unrecognized tax benefits—December 31 |
|
$ |
4,475 |
|
|
$ |
2,482 |
|
|
$ |
1,263 |
|
|