Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Provision for Federal Income Taxes |
The provision for federal income taxes in 2016, 2015, and 2014 is as follows:
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
247 |
|
|
$ |
— |
|
|
$ |
— |
|
|
State |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
247 |
|
|
|
— |
|
|
|
— |
|
|
Deferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
State |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total deferred tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total income tax expense |
|
$ |
247 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Income (Loss) Before Income Taxes Attributed to Geographic Locations |
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
United States |
|
$ |
(10,421 |
) |
|
$ |
(17,671 |
) |
|
$ |
(49,850 |
) |
|
Foreign |
|
|
(85,149 |
) |
|
|
(64,506 |
) |
|
|
(7,663 |
) |
|
Net loss before provision for income taxes |
|
$ |
(95,570 |
) |
|
$ |
(82,177 |
) |
|
$ |
(57,513 |
) |
|
| Summary of Statutory Federal Tax Rate to Income or Loss before Taxes |
Income tax expense in 2016, 2015, and 2014 differed from the amount expected by applying the statutory federal tax rate to the income or loss before taxes as summarized below:
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Federal tax benefit at statutory rate |
|
|
34 |
% |
|
|
34 |
% |
|
|
34 |
% |
|
State tax benefit net of federal effect |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Change in valuation allowance |
|
|
(3 |
)% |
|
|
(8 |
)% |
|
|
(23 |
)% |
|
Research and development credits |
|
|
4 |
% |
|
|
2 |
% |
|
|
2 |
% |
|
Non-deductible warrant |
|
|
— |
|
|
|
— |
|
|
|
(7 |
)% |
|
Foreign loss not benefitted |
|
|
(30 |
)% |
|
|
(27 |
)% |
|
|
(5 |
)% |
|
Other Non-deductible expenses |
|
|
(5 |
)% |
|
|
(2 |
)% |
|
|
(1 |
)% |
|
Total |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
| Significant Components of Net Deferred Tax Assets |
Significant components of the Company’s net deferred tax assets at December 31, 2016 and 2015 are as follows (in thousands):
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
Net operating loss carry forwards |
|
$ |
32,500 |
|
|
$ |
33,684 |
|
|
Research and development tax credits |
|
|
8,142 |
|
|
|
4,982 |
|
|
Stock based compensation and other |
|
|
7,256 |
|
|
|
4,465 |
|
|
Depreciation and amortization |
|
|
78 |
|
|
|
42 |
|
|
Total deferred tax assets |
|
|
47,976 |
|
|
|
43,173 |
|
|
Less: Valuation allowance |
|
|
(47,976 |
) |
|
|
(43,173 |
) |
|
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Reconciliation of Amount of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
|
|
|
Amount |
|
|
Balance at January 1, 2014 |
|
$ |
287 |
|
|
Decreases based on tax positions taken during a prior period |
|
|
(102 |
) |
|
Increases based on tax positions taken during a current period |
|
|
147 |
|
|
Balance at December 31, 2014 |
|
$ |
332 |
|
|
Increases based on tax positions taken during a prior period |
|
|
3,562 |
|
|
Increases based on tax positions taken during a current period |
|
|
167 |
|
|
Balance at December 31, 2015 |
|
$ |
4,061 |
|
|
Gross increase related to prior year tax positions |
|
|
4,628 |
|
|
Gross decrease related to prior year tax positions |
|
|
(3,559 |
) |
|
Gross increase related to current year positions |
|
|
4,986 |
|
|
Reductions to unrecognized tax benefits related to lapsing statute of limitations |
|
|
- |
|
|
Balance at December 31, 2016 |
|
$ |
10,116 |
|
|