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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Taxes [Abstract] |
Income tax reconciliation | The provision for income taxes differs from the amount computed by applying the statutory rate as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Income taxes using U.S. federal statutory rate |  | $ | (10,309 | ) |  | $ | (17,621 | ) |  | $ | (10,501 | )
Amortization of gain on IP migration |  |  | 781 |  |  |  | 754 |  |  |  | – |
State income taxes, net of federal benefit |  |  | (1,390 | ) |  |  | (4,299 | ) |  |  | (3,418 | )
Foreign rate differential |  |  | 2,761 |  |  |  | 3,716 |  |  |  | 52 |
Valuation allowance |  |  | 7,683 |  |  |  | 17,561 |  |  |  | 20,563 |
Derivative charge |  |  | (937 | ) |  |  | (734 | ) |  |  | (5,292 | )
Stock option exercises and cancellations |  |  | 1,589 |  |  |  | 310 |  |  |  | 102 |
Research and development credits |  |  | (1,090 | ) |  |  | 326 |  |  |  | (1,633 | )
Other |  |  | 912 |  |  |  | (13 | ) |  |  | 127 |
Total |  | $ | – |  |  | $ | – |  |  | $ | – |
Significant components of deferred tax assets | Significant components of the Company’s deferred tax assets are as follows:
(in thousands) |  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |
Employee compensation accruals |  | $ | 4,077 |  |  | $ | 6,176 |
Accrued liabilities |  |  | 870 |  |  |  | 299 |
Research tax credits |  |  | 3,472 |  |  |  | 2,382 |
Other |  |  | 79 |  |  |  | 31 |
Net operating losses |  |  | 71,874 |  |  |  | 63,765 |
Total deferred tax assets |  |  | 80,372 |  |  |  | 72,653 |
Deferred tax liability: |  |  |  |  |  |  |  |
Total deferred tax liabilities |  |  | – |  |  |  | – |
Valuation allowance |  |  | 80,372 |  |  |  | 72,653 |
Net deferred tax assets |  | $ | – |  |  | $ | – |

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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 + Details
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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 + Details
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