Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes [Abstract]  
Total provision for income taxes
The total income tax benefit consists of the following (in thousands):

   
Year ended December 31,
 
   
2014
   
2013
   
2012
 
 
Federal income tax (benefit) provision
 
$
-
   
$
(14
)
 
$
(74
)
Total
 
$
-
   
$
(14
)
 
$
(74
)
Reconciliation between the tax provision computed at the federal statutory income tax rate and actual effective income tax rate
Reconciliation between the tax provision computed at the federal statutory income tax rate of 34% and the Company’s actual effective income tax rate is as follows:
 
   
Year ended December 31,
 
   
2014
   
2013
   
2012
 
Federal tax at statutory rate
   
34
%
   
34
%
   
34
%
Warrant valuation
   
40
%
   
-17
%
   
-4
%
Permanent items and other
   
-1
%
   
0
%
   
-1
%
Valuation allowance
   
-73
%
   
-17
%
   
-29
%
Total
   
0
%
   
0
%
   
0
%
Components of net deferred tax assets
The significant components of net deferred tax assets as of December 31, 2014 and 2013 were as follows (in millions):

   
December 31,
 
   
2014
   
2013
 
Capitalized research and development expenses
 
$
50.9
   
$
49.4
 
Net operating loss carryforwards
   
105.0
     
78.4
 
Research and development and other credit carryforwards
   
12.1
     
8.8
 
Other
   
22.1
     
23.5
 
Total deferred tax assets
   
190.1
     
160.1
 
Valuation allowance
   
(190.1
)
   
(160.1
)
Net deferred tax assets
 
$
-
   
$
-
 
Schedule of unrecognized tax benefits
The following table summarizes the Company's activity related to its unrecognized tax benefits (in thousands):

   
2014
   
2013
   
2012
 
Balance at January 1
 
$
4,274
   
$
4,104
   
$
-
 
Increase related to current year tax position
   
720
     
164
     
49
 
Increase related to prior year tax position
   
509
     
6
     
4,055
 
Balance at December 31
 
$
5,503
   
$
4,274
   
$
4,104