Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets consist of the following at December 31 (in thousands):

	2013		2012
Current deferred tax assets:
Inventory reserves	$	71	$	41
Accrued expenses		331		77
Deferred Rent		14		30
Allowance for uncollectible accounts receivable		12		18
Valuation allowance		(428)		(166)

Net current deferred tax asset		—		—

Noncurrent deferred tax assets:
Stock-based compensation		1,170		186
Contribution carryforward		2		—
Research credit carryforward		2,307		874
Fixed assets		235		141
Capitalized start up costs		4,676		2,180
Net operating loss carryforwards		38,286		22,820
		46,676		26,201
Valuation allowance		(46,672)		(26,201)

Net noncurrent deferred tax asset		4		—

Noncurrent deferred tax liability
Purchase accounting intangibles		(4)		—

Net deferred tax asset (liability)	$	—	$	—

Summary of Provision for Income Taxes

Taxes computed at the statutory federal income tax rate of 34% are reconciled to the provision for income taxes as follows for the years ended December 31:

	2013					2012
			Percent of					Percent of
			Pretax					Pretax
	Amount		Earnings			Amount		Earnings
United States federal tax statutory rate	$	(9,642)		34.0	%	$	(5,245)		34.0	%
State taxes (net of deferred benefit)		(662)		2.3	%		(469)		3.0	%
Non-deductible expenses		1,556		(5.5)	%		—		0.0	%
Change in valuation allowance		20,733		(73.1)	%		5,101		(33.1)	%
Adjustment for valuation allowance recorded as part of purchase accounting		(11,785)		41.6	%		—		0.0	%

Other, net		(200)		0.7	%		613		(3.9)	%

Provision for income taxes	$	—		0.0	%	$	—		0.0	%