Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of reconciliation of effective tax rate expense (benefit) for continuing operations and the statutory federal income tax rate


		Year ended
		December 31,
		2016		2015		2014
Federal income tax computed at federal statutory tax rate		34.00	%	34.00	%	34.00	%
State income tax, net of federal benefit		4.79		4.70		4.86
Permanent items		(2.83)		(3.33)		(1.94)
Federal and state research and development credits		2.93		2.66		4.73
Other		(0.08)		0.12		—
Change in valuation allowance		(38.81)		(38.15)		(41.65)
Effective income tax rate		0.00	%	0.00	%	0.00	%

Schedule of components of deferred tax assets and liabilities

The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2016 and 2015, respectively (in thousands):


		Year ended
		December 31,
		2016			2015			2014
Deferred tax assets:
Federal and state net operating loss carryforwards		$	33,846		$	17,569		$	7,969
Tax credit carryforwards			3,350			1,953			1,121
Intangible assets			197			313			430
Stock‑based compensation			247			186			87
Leasehold incentive			467			589			—
Other			1,605			545			83
Total deferred tax assets			39,712			21,155			9,690
Less valuation allowance			(39,624)			(21,095)			(9,690)
Net deferred tax assets			88			60			—
Deferred tax liabilities:
Fixed assets			(88)			(60)			—
Total deferred tax liabilities			(88)			(60)			—
Net deferred taxes		$	—		$	—		$	—