Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Significant Component of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2016 and 2015 are as follows:

	December 31,
(in thousands)	2016			2015
Net operating loss carryforwards	$	100,790		$	96,215
Start-up and organizational costs		59,360			64,942
Research and development credit carryforwards		34,845			29,564
Stock compensation		2,014			1,997
Capitalized acquisition costs		9,389			10,429
Deferred revenue		18,636			2,695
Depreciation		227			251
Other		1,537			1,673
		226,798			207,766
Less valuation allowance		(226,798	)		(207,766	)
Effective tax rate	$	—		$	—

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)	2016			2015			2014
Federal income tax at statutory rates		34	%		34	%		34	%
State income tax, net of federal tax benefit		1	%		5	%		2	%
Research and development credits		3	%		3	%		3	%
Stock compensation		-1	%		-1	%		-4	%
Channel rights		-25	%		0	%		0	%
Other		0	%		0	%		-4	%
Increase in valuation allowance		-12	%		-41	%		-31	%
Effective tax rate		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, 2016, 2015, and 2014 are as follows:

(in thousands)
Balance at December 31, 2013	$	238
Increase/Decrease for tax positions related to the current year		—
Increase/Decrease for tax positions related to prior years		—
Decrease for settlements with applicable taxing authorities		—
Decrease for lapses of statute of limitations		—
Balance at December 31, 2014	$	238
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		—
Decrease for previous year’s lapses of statute of limitations		(20	)
Decrease for impact of §382 limitations		(218	)
Decrease for lapses of statute of limitations		—
Balance at December 31, 2015	$	—
Increase/Decrease for tax positions related to the current year		—
Increase/Decrease for tax positions related to prior years		—
Decrease for settlements with applicable taxing authorities		—
Decrease for lapses of statute of limitations		—
Balance at December 31, 2016	$	—