Invitae Corp - 10-K filing on 2016-03-10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of components of loss before income taxes by U.S. and foreign jurisdictions

The components of loss before income taxes by U.S. and foreign jurisdictions are as follows (in thousands):

	Year ended December 31,
	2015		2014		2013
United States	$	88,112	$	46,328	$	23,522
Foreign		1,670		1,164		1,316

Total	$	89,782	$	47,492	$	24,838

Schedule of reconciliation of the tax expense computed at the statutory federal rate and Company's tax expense

	Year ended December 31,
	2015			2014			2013
U.S. federal taxes at statutory rate		34.0	%		34.0	%		34.0	%
State taxes (net of federal benefit)		0.8			0.7			0.9
Non-deductible expenses		(0.8	)		(0.7	)		(0.4	)
Foreign tax differential		(0.2	)		(0.8	)		(1.8	)
Change in valuation allowance		(33.8	)		(33.2	)		(32.7	)

Total		0.0	%		0.0	%		0.0	%

Schedule of net deferred tax assets

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):

	As of December 31,
	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	53,123		$	28,022
Tax credits		13			13
Accruals and other		7,612			1,914

Gross deferred tax assets		60,748			29,949
Valuation allowance		(60,304	)		(29,498	)

Net deferred tax assets		444			451
Deferred tax liabilities:
Property and equipment	$	(444	)	$	(451	)

Total deferred tax liabilities		(444	)		(451	)

Net deferred tax assets	$	—		$	—

Schedule of reconciliation of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	Year ended December 31,
	2015		2014		2013
Unrecognized tax benefits, beginning of period	$	5,661	$	2,100	$	618
Gross increases—current period tax positions		2,993		1,874		1,482
Gross increases—prior period tax positions		2,775		1,687		—

Unrecognized tax benefits, end of period	$	11,429	$	5,661	$	2,100