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 Tax Disclosure [Abstract]  
Reconciliation of income tax benefit
      Year Ended December 31,  
      2014     2013  
  Federal   $ -     $ -  
  State     2       -  
Total current income tax expense     2       -  
                   
Deferred:                  
  Federal     (51 )     -  
  State     (3 )     -  
Total deferred income tax expense (benefit)     (54 )     -  
Total income tax expense (benefit)   $ (52 )   $ -  
Significant components of deferred income taxes
    2014     2013  
Deferred Tax Assets:            
Net operating loss carryforwards   $ 7,276     $ 5,802  
Compensation     14       56  
Research and development tax credits     835       840  
Other     65       1  
                 
Total gross deferred tax assets     8,190       6,699  
                 
Deferred Tax Liabilities                
Unrealized gain on marketable securities     (185 )     -  
Property and equipment     (18 )     (15 )
Acquired in-process research and development     (65,195 )     -  
                 
Total Deferred Tax Liabilities     (65,398 )     (15 )
                 
Net deferred tax assets     (57,208 )     6,684  
Valuation allowance     (7,987 )     (6,684 )
                 
Net Deferred Tax Liability   $ (65,195 )   $ -  
Net deferred tax liability
    Year Ended December 31,  
    2014     2013  
             
Statutory federal income tax rate     34.0 %     34.0 %
Change in fair value of warrant liability     10.7       2.0  
State income taxes, net of federal benefit     0.4       3.0  
Tax credits     0.9       3.0  
Change in valuation allowance     (11.2 )     (42.0 )
Permanent differences     (0.7 )     -  
Other     (0.1 )     -  
                 
Effective rate     34.0 %     0.0 %