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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The components of the provision for income taxes are presented in the following table:

	Year Ended December 31,
	2016				2015				2014
Current:
Federal	$	—			$	—			$	—
State	—				—				2,000
	—				—				2,000
Deferred:
Federal	—				(1,594,000		)		18,000
State	—				(504,000		)		9,000
	—				(2,098,000		)		27,000
	$	—			$	(2,098,000	)		$	29,000

Schedule of effective income tax rate reconciliation

The reconciliation of income taxes attributable to continuing operations computed at the statutory tax rates to income tax expense (recovery), using a 35% statutory tax rate, is:

	Year Ended December 31,
	2016				2015				2014
Income (benefit) taxes at statutory rates	$	(25,809,000	)		$	(10,920,000	)		$	(12,639,000	)
State income tax, net of federal benefit	(4,000		)		(2,640,000		)		(2,362,000		)
Change in valuation allowance	29,678,000				7,882,000				14,235,000
Research and development tax credits	(3,117,000		)		(1,537,000		)		(849,000		)
Fair value warrant	(47,000		)		(253,000		)		(180,000		)
Stock compensation	113,000				2,288,000				1,573,000
Uncertain tax positions	1,367,000				1,968,000				340,000
Expired NOL's and credits	4,269,000				339,000				728,000
Limited NOL's and credits	(6,456,000		)		(297,000		)		(749,000		)
Change in state tax rate	(495,000		)		676,000				(60,000		)
Other	501,000				396,000				(8,000		)
	$	—			$	(2,098,000	)		$	29,000

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 are shown below:

	As of December 31,
	2016				2015
Deferred tax assets:
Capitalized research expense	$	567,000			$	1,201,000
Net operating loss carryforwards	95,500,000				71,848,000
Research and development and other tax credits	5,300,000				3,339,000
Deferred revenue	5,452,000				5,213,000
Deferred rent	2,231,000				2,171,000
Stock-based compensation	4,511,000				2,135,000
Acquired intangibles	269,000				—
Other	4,328,000				3,457,000
	118,158,000				89,364,000
Valuation allowance	(113,407,000		)		(83,245,000		)
Total deferred tax assets	4,751,000				6,119,000
Deferred tax liabilities:
Acquired intangibles	—				(596,000		)
Investment in affiliated entity	(3,624,000		)		(4,399,000		)
Fixed assets	(1,302,000		)		(1,299,000		)
Net deferred tax liabilities	$	(175,000	)		$	(175,000	)

Summary of Operating Loss Carryforwards

The California net operating loss carry forwards will expire as follows:

	Amount (in millions)
2017	$	5.8
2028 and beyond	67.8
Total	$	73.6

Schedule of unrecognized tax benefits rollforward

The following table summarizes the activity related to our unrecognized tax benefits:

	Year ended December 31,
	2016				2015				2014
Balance at beginning of the year	$	5,455,000			$	2,759,000			$	2,416,000
Increases related to current year tax positions	1,183,000				615,000				331,000
Increases related to prior year tax positions	217,000				2,081,000				12,000
Balance at end of the year	$	6,855,000			$	5,455,000			$	2,759,000

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Section 50
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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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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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