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INCOME TAXES (Tables)
 4 Months Ended
Dec. 31, 2012
INCOME TAXES [Abstract]  
Losses before income taxes for domestic and foreign operations
The Company had losses before income taxes for domestic and foreign operations as follows:
 
   
For the four
months ended
   
For the year ended August 31,
(In thousands)  
December 31, 2012
   
2012
   
2011
   
2010
Domestic
 
$
12,510
  
$
26,642
  
$
37,415
   
18,779
 
Foreign
  
6,782
   
12,002
   
(220
)
  
149
 
Loss before income taxes
 
$
19,292
  
$
38,644
  
$
37,195
   
18,928
 
Differences between provision and estimated income tax
The provision for income taxes differs from the amount estimated by applying the statutory federal income tax rate to loss before taxes as follows:
 
 
 
December 31,
  
August 31,
 
 
 
2012
  
2012
  
2011
  
2010
 
Federal tax (benefit) at statutory rate
 
$
(6,536
)
  
-34.00
%
 
$
(13,111
)
  
-34.00
%
 
$
(12,679
)
  
-34.00
%
 
$
(6,391
)
  
-34.00
%
State tax (benefit) at statutory rate, net of federal tax benefit
  
(715
)
  
-3.72
%
  
(1,069
)
  
-2.77
%
  
(2,247
)
  
-6.03
%
  
(953
)
  
-5.07
%
Change in valuation allowance
  
2,349
   
12.22
%
  
4,775
   
12.38
%
  
19,278
   
51.70
%
  
6,068
   
32.28
%
Research and development credits
  
0
   
0.00
%
  
(1,034
)
  
-2.68
%
  
(1,831
)
  
-4.91
%
  
(708
)
  
-3.77
%
Fair market value of warrants
  
505
   
2.62
%
  
1,079
   
2.80
%
  
5,543
   
14.86
%
  
2,004
   
10.66
%
Qualified Therapeutic Discovery Project Grant income
  
0
   
0.00
%
  
0
   
0.00
%
  
(297
)
  
-0.80
%
  
0
   
0.00
%
Intangible asset basis allocation
  
1,670
   
8.69
%
  
2,952
   
7.66
%
  
(8,633
)
  
-23.15
%
  
(20
)
  
-0.11
%
Stock-based compensation - ISO
  
755
   
3.93
%
  
1,525
   
3.95
%
  
493
   
1.32
%
  
2
   
0.01
%
Foreign losses not benefited
  
1,995
   
10.38
%
  
3,848
   
9.98
%
  
0
   
0.00
%
  
0
   
0.00
%
Other
  
(23
)
  
-0.12
%
  
1,035
   
2.68
%
  
373
   
1.01
%
  
(2
)
  
0.00
%
Provision for income taxes
 
$
0
   
0.00
%
 
$
0
   
0.00
%
 
$
0
   
0.00
%
 
$
0
   
0.00
%
Deferred tax assets (liabilities)
Deferred tax assets (liabilities) consist of the following:
 
 
 
  
August 31,
  
 
 
 
December 31, 2012
  
2012
  
2011
  
2010
 
Deferred tax assets
 
  
  
  
 
Net operating loss carryforwards
 
$
19,514
  
$
18,075
  
$
14,940
   
9,155
 
Capitalized start-up costs
  
11,160
   
8,946
   
6,636
   
3,487
 
Stock option expense
  
425
   
462
   
462
   
268
 
Research credits
  
7,970
   
7,873
   
6,275
   
3,513
 
Fixed assets and intangibles
  
3,786
   
5,766
   
7,560
   
56
 
Accruals
  
330
   
105
   
138
   
217
 
Other
  
(50
)
  
(441
)
  
0
   
37
 
Deferred tax assets
  
43,135
   
40,786
   
36,011
   
16,733
 
Valuation allowance
  
(43,135
)
  
(40,786
)
  
(36,011
   
(16,733
)
Deferred tax assets, net
 
$
0
  
$
0
  
$
0
   
0