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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Federal and State Income Tax Expense (Benefit)

The components of federal and state income tax expense (benefit) are as follows (in thousands):

		As of December 31,
		2013				2012
Current
Federal		$	—			$	—
State		—				—
Total current		—				—
Deferred expense (benefit)
Federal		894				(894		)
State		158				(158		)
Total deferred		1,052				(1,052		)
Total income tax expense (benefit)		$	1,052			$	(1,052	)

Components of Net Deferred Tax Assets

The components of net deferred tax assets are as follows (in thousands):

		As of December 31,
		2013				2012
Net operating loss carryforwards		$	33,539			$	23,632
Tax credit carryforwards		3,549				3,201
Unrealized gain on marketable securities		—				(1,052		)
Stock based compensation		8,322				7,944
Other		12				(328		)
Licensing deduction deferral		8,682				8,194
Gross deferred tax assets		54,104				41,591
Valuation allowance		(54,104		)		(41,591		)
Net deferred tax asset		$	—			$	—

Components of Net Deferred Tax Liabilities

The components of net deferred tax liabilities are as follows (in thousands):

		As of December 31,
		2013				2012
In-process research and development not subject to future amortization for tax purposes		$	5,053			$	5,053
Gross deferred tax liability		$	5,053			$	5,053

Schedule of Provision Computed by Applying Federal Statutory Rate

The provision for income taxes differs from the provision computed by applying the federal statutory rate to net loss before income taxes as follows (in thousands):

		As of December 31,
		2013				2012
Expected federal income tax benefit		$	(25,713	)		$	(11,688	)
State income taxes after credits		(3,676		)		(1,067		)
Unrealized gain on marketable securities		1,052				(1,052		)
Changes in warrant value		17,283				3,664
Stock compensation		813				152
Effect of change in valuation allowance		11,408				8,939
Income tax credits		(240		)		—
Other		125				—
		$	1,052			$	(1,052	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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