INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2016
INCOME TAXES.  
Schedule of reconciliation of income tax expense (benefit) at statutory federal income tax rate to income taxes

 

 

 

 

 

 

 

 

 

 

As of December 31, 

 

 

    

2016

    

2015

 

2014

 

Federal income tax expense at statutory rate

 
34.00

%  
34.00

%  
34.00

%

(Increase) decrease income tax (benefit) resulting from:

 

 

 

 

 

 

 

State income tax, net of federal benefit

 
3.43

 
5.29

 

 —

 

Permanent differences

 
(1.45)

 
(1.70)

 
(0.17)

 

Research and development credit

 
0.27

 
0.89

 
3.74

 

Change in valuation allowance

 
(36.25)

 
(38.48)

 
(37.57)

 

Effective income tax rate

 
0.00

%  
0.00

%
0.00

%

 

Schedule of significant components of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

 

 

As of December 31, 

 

 

 

2016

 

2015

 

Deferred tax assets:

    

 

    

    

 

    

 

U.S. and state net operating loss carryforwards

 

$
71,049

 

$
38,405

 

Research and development credits

 

 
3,712

 

 
3,421

 

Accruals and other

 

 
1,541

 

 
144

 

Depreciation and amortization

 

 
261

 

 
94

 

Total deferred tax assets

 

 
76,563

 

 
42,064

 

Valuation allowance

 

 
(76,563)

 

 
(42,064)

 

Net deferred tax assets

 

$

—

 

$

—