Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income before Income Tax, Domestic and Foreign

The provision (benefit) for income taxes is based on loss from operations before provision for income taxes and noncontrolling interests as follows ($ in thousands):



	Years Ended December 31,
	2017			2016
United States	$	(27,698	)	$	(31,258	)
	$	(27,698	)	$	(31,258	)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes was as follows ($ in thousands):



		Years Ended December 31,
		2017			2016
Current
	U.S. Federal	$	(9,310	)	$	—
	State and local	(1,641		)	—
		$	(10,951	)	$	—
Deferred
	U.S. Federal	$	(576	)	$	—
	State and local	—			—
		$	(576	)	$	—
Total
	U.S. Federal	$	(9,886	)	$	—
	State and local	(1,641		)	—
		$	(11,527	)	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The provision (benefit) for income taxes is determined by applying the U.S. Federal statutory rate of 34% to income before income taxes as a result of the following ($ in thousands):



	Years Ended December 31,
	2017			2016
U.S. Federal benefit at statutory rate	$	(9,417	)	$	(10,628	)
State and local (benefit) / expense net of U.S. federal tax	(1,641		)	2,759
Permanent non deductible expenses for U.S. taxes	107			80
AMT credit benefit	(576		)	—
True-up of prior year net operating loss	—			(2,371		)
Effect of change in deferred tax rate	29,809			(44		)
Valuation allowance for deferred tax assets	(29,809		)	10,204
Tax provision benefit	$	(11,527	)	$	—

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes at December 31, 2017 and 2016 consist of the following ($ in thousands):



	December 31,
	2017			2016
Deferred Tax Assets:
Accumulated net operating losses (tax effected)	$	60,171		$	79,131
CIRM funding	1,780			—
Deferred rent	3			314
Share-based compensation	2,656			11,562
Intangibles	270			429
Charitable contributions	11			424
Partnership interest	—			3,858
Capital loss carry-forward	—			6,988
Accumulated depreciation	22			—
Accrued payroll	682			—
AMT credit	575			—
Other	526			659
Deferred tax assets	66,696			103,365

Deferred Tax Liabilities:
Accumulated depreciation	$	—		$	(119	)
Deferred tax liabilities	—			(119		)
	66,696			103,246
Valuation allowance	(66,121		)	(103,246		)
Net deferred tax asset	$	575		$	—