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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income (Loss) Before Income Taxes Attributed to Geographic Locations

Income (loss) before income taxes is attributed to the following geographic locations for the year ended December 31, 2014, 2013 and 2012 (in thousand):

	December 31,
	2014			2013			2012
United States	$	(49,850	)	$	(18,497	)	$	(13,217	)
Foreign		(7,663	)		—			—
Income (loss) before income taxes	$	(57,513	)	$	(18,497	)	$	(13,217	)

Summary of Statutory Federal Tax Rate to Income or Loss before Taxes

Income tax expense in 2014, 2013 and 2012 differed from the amount expected by applying the statutory federal tax rate to the income or loss before taxes as summarized below:

	December 31,
	2014			2013			2012
Federal tax benefit at statutory rate		34	%		34	%		34	%
State tax benefit net of federal effect		—			—			—
Change in valuation allowance		(23	)%		(42	)%		(33	)%
Research and development credits		2	%		9	%		—
Non-deductible warrant		(7	)%		—			—
Foreign loss not benefitted		(5	)%		—			—
Non-deductible expenses and other		(1	)%		(1	)%		(1	)%
Total		0	%		0	%		0	%

Significant Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets at December 31, 2014 and 2013 are as follows (in thousands):

	December 31,
	2014		2013
Net operating loss carry forwards	$	32,143			$	21,414
Research and development tax credits		2,776				2,414
Accruals and reserves		1,693				47
Depreciation and amortization		33				89
Total deferred tax assets		36,645				23,964
Less: Valuation allowance		(36,645		)		(23,964	)
Net deferred tax assets	$	—			$	—

Reconciliation of Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	Amount
Balance at January 1, 2012	$	62
Increase/(Decrease) of unrecognized tax benefits related to current year		11
Balance at December 31, 2012	$	73
Increase/(Decrease) of unrecognized tax benefits taken in prior years		31
Increase/(Decrease) of unrecognized tax benefits related to current year		183
Balance at December 31, 2013	$	287
Decreases based on tax positions taken during a prior period		(102	)
Increases based on tax positions taken during a current period		147
Balance at December 31, 2014	$	332

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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