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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Significant Component of Deferred Tax Assets Significant components of the Company’s deferred tax assets at December 31, 2018 and 2017 are as follows:
 
 
 
December 31,
 
(in thousands)
 
 
2018
 
 
2017
 
Net operating loss carryforwards
 
$
106,430
 
 
$
89,098
 
Start-up and organizational costs
 
 
33,977
 
 
 
37,488
 
Research and development credit carryforwards
 
 
33,684
 
 
 
32,395
 
Stock compensation
 
 
990
 
 
 
1,330
 
Capitalized acquisition costs
 
 
5,160
 
 
 
5,822
 
Deferred revenue
 
 
 
 
 
11,126
 
Depreciation
 
 
132
 
 
 
136
 
Other
 
 
920
 
 
 
993
 
 
 
 
181,293
 
 
 
178,388
 
Less valuation allowance
 
 
(181,293
)
 
 
(178,388
)
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)
 
 
2018
 
 
2017
 
 
2016
 
Federal income tax at statutory rates
 
 
21
%
 
 
34
%
 
 
34
%
State income tax, net of federal tax benefit
 
 
4
%
 
 
4
%
 
 
1
%
Research and development credits
 
 
2
%
 
 
3
%
 
 
3
%
Stock compensation
 
 
-1
%
 
 
-1
%
 
 
-1
%
Channel rights
 
 
0
%
 
 
0
%
 
 
-25
%
Research and development true-up
 
 
0
%
 
 
-7
%
 
 
0
%
Officers compensation
 
 
-1
%
 
 
-2
%
 
 
0
%
Other
 
 
-2
%
 
 
-3
%
 
 
0
%
Federal rate change
 
 
3
%
 
 
-124
%
 
 
0
%
Change in valuation allowance
 
 
-26
%
 
 
96
%
 
 
-12
%
Effective tax rate
 
 
0
%
 
 
0
%
 
 
0
%