Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Reconciliation of Expected Income Tax Benefit (Expense)

A reconciliation of the expected income tax benefit (expense) computed using the federal statutory income tax rate to the Company’s effective income tax rate was as follows:



	Year Ended December 31,
	2015		2014		2013
Income tax benefit computed at federal statutory tax rate	34.00%		34.00%		34.00%
State taxes, net of federal benefit	5.59		5.05		4.67
General business credits and other credits	1.77		1.33		4.28
Permanent differences	2.38		(1.29	)	(3.52	)
Change in valuation allowance	(43.74	)	(39.09	)	(39.43	)
Total	—	%	—	%	—	%

Deferred Tax Assets

The Company’s deferred tax assets consist of the following (in thousands):



	December 31,
	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	46,749		$	33,267
Research and development credit carryforwards	2,462			1,979
Accruals and other	1,385			948
Capitalized license and organization costs	66			73
Capitalized start-up costs	278			309
Depreciation	21			—
Total gross deferred tax asset	50,961			36,576
Deferred tax liability	—			(18		)
Valuation allowance	(50,961		)	(36,558		)
Net deferred tax asset	$	—		$	—