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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Tax Effects of Temporary Differences that Give Rise to Net Deferred Tax Assets

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands).  

 

 

December 31,

 

 

2016

 

 

2015

 

 

2014

 

Deferred tax assets:

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carryforwards

$

133,514

 

 

$

123,647

 

 

$

115,870

 

Research and other credits

 

3,482

 

 

 

5,610

 

 

 

6,047

 

Other temporary differences

 

2,319

 

 

 

4,804

 

 

 

(2,478

)

Deferred tax assets - before valuation allowance

 

139,315

 

 

 

134,061

 

 

 

119,439

 

Valuation allowance

 

(139,315

)

 

 

(134,061

)

 

 

(119,439

)

Net deferred tax assets - after valuation allowance

$

-

 

 

$

-

 

 

$

-

 

 

 

Reconciling Items from Income Tax Computed at Statutory Federal Rate

The following table sets forth reconciling items from income tax computed at the statutory federal rate.  

 

 

Year Ended December 31,

 

 

2016

 

 

2015

 

 

2014

 

Federal income tax at statutory rate

 

35.0

%

 

 

35.0

%

 

 

35.0

%

State income taxes, net of federal benefits

 

2.9

%

 

 

5.4

%

 

 

4.5

%

Research and other credits

 

-5.8

%

 

 

-1.2

%

 

 

-1.3

%

Permanent deductions

 

-18.0

%

 

 

-4.0

%

 

 

-2.2

%

Valuation allowance

 

-14.1

%

 

 

-35.2

%

 

 

-36.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

0.0

%

 

 

0.0

%

 

 

0.0

%