Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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):


	2014			2013
Current deferred tax assets:
Inventory reserves	$	537		$	71
Accrued expenses		373			331
Deferred rent		17			14
Allowance for uncollectible accounts receivable		32			12
Valuation allowance		(959	)		(428	)


Net current deferred tax asset		—			—

Noncurrent deferred tax assets:
Stock-based compensation		1,154			1,170
Contribution carryforward		2			2
Research credit carryforward		3,200			2,307
Fixed assets		278			235
Capitalized start up costs		4,233			4,676
Net operating loss carryforwards		51,145			38,286

		60,012			46,676
Valuation allowance		(60,009	)		(46,672	)


Net noncurrent deferred tax asset		3			4

Noncurrent deferred tax liability
Purchase accounting intangibles		(3	)		(4	)


Net deferred tax asset (liability)	$	—		$	—

Summary of Change in Gross Unrecognized Tax Positions

The following is a tabular reconciliation of the Company’s change in gross unrecognized tax positions (in thousands):


Balance at December 31, 2013	$	—
Gross increases related to current period		606
Gross decreases related to current period		—

Balance at December 31, 2014	$	606

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:


	2014						2013
	Amount			Percent of Pretax Earnings			Amount			Percent of Pretax Earnings
United States federal tax statutory rate	$	(12,801	)		34.0	%	$	(9,642	)		34.0	%
State taxes (net of deferred benefit)		(786	)		2.0	%		(662	)		2.3	%
Non-deductible expenses		253			(0.7	)%		1,556			(5.5	)%
Research & Development Credits		(1,532	)		4.1	%		—			0.0	%
Change in unrecognized tax benefits		606			(1.6	)%		—			0.0	%
Change in valuation allowance		13,868			(36.8	)%		20,733			(73.1	)%
Adjustment for valuation allowance recorded as part of purchase accounting		—			0.0	%		(11,785	)		41.6	%

Other, net		392			(1.0	)%		(200	)		0.7	%


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