Income Taxes (Tables)

112 Months Ended

Dec. 31, 2012

Significant Component of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2012 and 2011 are as follows:

	December 31,
(in thousands)	2012			2011
Net operating loss carryforwards	$	42,715		$	18,283
Start-up and organizational costs		44,262			40,047
Research and development credit carryforwards		18,388			8,885
Stock compensation		991			702
Capitalized acquisition costs		13,270			6,400
Deferred revenue		1,388			—
Depreciation		331			170
Other		998			306
		122,343			74,793
Less valuation allowance		(122,343	)		(74,793	)
Net deferred tax assets	$	—		$	—

Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense/(benefit) at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows:

	Year ended December 31,
(in thousands)	2012			2011			2010
Federal income tax at statutory rates		34.0	%		34.0	%		34.0	%
State income tax, net of federal tax benefit		4.6	%		6.0	%		4.3	%
Research and development credits		9.7	%		11.1	%		0.0	%
Stock compensation		(1.0	)%		(0.5	)%		(0.1	)%
Uncertain tax position adjustment		0.0	%		0.0	%		(15.4	)%
Change in warrant value		2.1	%		3.7	%		(9.3	)%
Federal R&D tax grant		0.0	%		0.0	%		0.8	%
Other		0.0	%		0.0	%		1.5	%
Increase in valuation allowance		(49.4	)%		(54.2	)%		(15.8	)%
Effective tax rate		0.0	%		0.0	%		0.0	%

Summary of Adjustments to Uncertain Tax Position

A summary of the company’s adjustments to its uncertain tax positions in the years ended December 31, 2012, 2011, and 2010 are as follows:

(in thousands)
Balance at December 31, 2009	$	238
Increase/Decrease for tax positions related to the current year		—
Increase/Decrease for tax positions related to prior years		37
Decreases for settlements with applicable taxing authorities		—
Decreases for lapses of statute of limitations		—
Balance at December 31, 2010		275
Increase/Decrease for tax positions related to the current year		—
Increase/Decrease for tax positions related to prior years		—
Decreases for settlements with applicable taxing authorities		—
Decreases for lapses of statute of limitations		—
Balance at December 31, 2011	$	275
Increase/Decrease for tax positions related to the current year		—
Increase/Decrease for tax positions related to prior years		—
Decreases for settlements with applicable taxing authorities		—
Decreases for lapses of statute of limitations		—
Balance at December 31, 2012	$	275