Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Summary of deferred tax assets

The significant components of the Company’s deferred tax assets consisted of the following:

 

                 
    As of December 31,  
($ in thousands)   2012     2011  

Deferred tax assets:

                

Net operating loss carryforwards

   $ 19,572     $ 13,716  

Amortization of up-front fees

     3,087       1,214  

Amortization of in-process R&D

     407       —    

Stock compensation

     1,522       531  

Accruals and reserves

     622       846  

Tax credits

     991       700  
   

 

 

    

 

 

  

Total deferred tax assets

     26,201       17,007  

Valuation allowance

     (26,201 )      (17,007 ) 
   

 

 

    

 

 

  

Net deferred tax assets

   $ —       $ —    
   

 

 

    

 

 

  
A reconciliation of the statutory tax rates and the effective tax rates

A reconciliation of the statutory tax rates and the effective tax rates is as follows:

 

                         
    For the Year Ended December 31,  
    2012     2011     2010  

Percentage of pre-tax income:

                        

U.S. federal statutory income tax rate

     35  %      35  %      35  % 

State taxes, net of federal benefit

     4  %      5  %      —  

Acquired NOL

     —       9  %      —  

Debt modification costs

     —       —       (3 )% 

Credits

     1  %      2  %      —  

Non-deductible items

     (2 )%      (21 )%      —  

Other (1)

     (5 )%      (2 )%      (1 )% 

Change in valuation allowance

     (33 )%      (28 )%      (31 )% 
   

 

 

    

 

 

    

 

 

  

Effective income tax rate

                 0  %                  0  %                  0  % 
   

 

 

    

 

 

    

 

 

  

 

(1) – Other consists of: in 2012 state rate change (2%) and state NOL true up (3%) and in 2011, prior year NOL true-up (3%) and state rate change 1%.