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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Taxes  
Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

                                                                                                                                                                                    

 

 

Year Ended December 31,

 

 

 

2016

 

2015

 

2014

 

Federal income tax (benefit) at statutory rate

 

 

34.00

%

 

34.00

%

 

34.00

%

Permanent differences

 

 

(0.85

)

 

(0.86

)

 

(1.29

)

Federal research and development credits and adjustments

 

 

2.43

 

 

2.64

 

 

2.70

 

State income tax, net of federal benefit

 

 

5.70

 

 

5.77

 

 

6.03

 

Other

 

 

(0.40

)

 

0.28

 

 

(0.15

)

Change in valuation allowance

 

 

(40.88

)

 

(41.82

)

 

(41.29

)

​  

​  

​  

​  

​  

​  

Effective income tax rate

 

 

%

 

%

 

%

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of components of deferred tax assets

        The Company's deferred tax assets consisted of the following (in thousands):

                                                                                                                                                                                    

 

 

Year Ended
December 31,

 

 

 

2016

 

2015

 

Deferred tax assets

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

48,682

 

$

35,042

 

Tax credit carryforwards

 

 

4,833

 

 

3,762

 

Capitalized research and development

 

 

3,394

 

 

4,087

 

Capitalized legal expenses

 

 

1,597

 

 

1,464

 

Other differences

 

 

1,335

 

 

815

 

​  

​  

​  

​  

Total deferred tax assets

 

 

59,841

 

 

45,170

 

Valuation allowance

 

 

(59,841

)

 

(45,170

)

​  

​  

​  

​  

Net deferred tax assets

 

$

 

$

 

​  

​  

​  

​  

​  

​  

​  

​