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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of reconciliation of income tax expense (benefit) at statutory federal income tax rate to income taxes

		As of December 31,
		2013			2014
Federal income tax (benefit) at statutory rate			34.00	%		34.00	%
(Increase) decrease income tax (benefit) resulting from:
Expiration of state net operating losses			(12.11	)		0.00
Permanent items			(0.01	)		(0.17	)
Research and experimental credits			4.19			3.74
Change in valuation allowance			(26.07	)		(37.57	)
​	​	​	​	​	​	​	​
Income tax expense (benefit)			0.00	%		0.00	%
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of significant components of deferred tax assets and liabilities

		As of December 31,
		2013			2014
Deferred tax assets:
Net operating loss carryforwards		$	21,392		$	28,419
Depreciation and amortization			—			36
Research Credits			2,400			3,070
​	​	​	​	​	​	​	​
Deferred tax assets before valuation allowance			23,792			31,525
Valuation allowance			(23,788	)		(31,525	)
​	​	​	​	​	​	​	​
			4			—
Deferred tax liabilities:
Depreciation and amortization			(4	)		—
​	​	​	​	​	​	​	​
			(4	)		—
​	​	​	​	​	​	​	​
Net deferred tax assets		$	—		$	—
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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- References

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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