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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense
The Company's provisions for income tax benefit (expense) are as follows (in thousands):
 
Year ended December 31,
Current:
2014
 
2013
 
2012
Federal
$

 
$
23

 
$
(30
)
State

 

 
(9
)
Canada

 

 

Total current tax expense (benefit)
$

 
$
23

 
$
(39
)
Schedule of Effective Income Tax Reconciliation
The differences between the effective income tax rate and the statutory tax rates during the years ended 2014, 2013 and 2012 are as follows (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Net loss before tax
$
(43,698
)
 
$
(52,882
)
 
$
(20,247
)
Statutory combined US federal and state tax rate (2012 - statutory combined Canadian federal and provincial tax rate)
39.83
%
 
39.83
%
 
26.90
%
Statutory federal and provincial taxes
$
(17,405
)
 
$
(21,063
)
 
$
(5,446
)
Increase (decrease) in taxes recoverable resulting from:
 
 
 
 
 
Effect of change in valuation allowance
12,273

 
8,537

 
5,145

Non-deductible share-based compensation
930

 
1,085

 
539

Non-deductible warrant expenses for tax purposes
1,799

 
8,403

 

Tax credits
(180
)
 
(96
)
 
(70
)
Share issue costs - temporary difference
(184
)
 
(184
)
 
(183
)
Share issue costs - permanent difference

 
206

 

Effect of foreign jurisdiction tax expense

 

 
39

Differential in income tax rates of foreign subsidiary
3,047

 
3,059

 

Other differences
(280
)
 
30

 
15

Income tax expense (benefit)
$

 
$
(23
)
 
$
39

Schedule of deferred tax
The following table summarizes the significant components of our deferred tax assets (in thousands):
 
December 31,
 
2014
 
2013
Deferred tax assets:
 
 
 
Tangible and intangible depreciable assets
$
185

 
$
874

Stock compensation
2,360

 

Manufactured drug product inventory to be used in research
1,425

 
1,459

Provisions
554

 
93

Financing fees
261

 
445

Net operating loss carry forwards
23,243

 
13,099

Scientific research and experimental development expenditures
5,715

 
5,766

Research and development tax credits
266

 

Total gross deferred tax assets
34,009

 
21,736

Less valuation allowance
(34,009
)
 
(21,736
)
Net deferred tax assets
$

 
$

Schedule of expiration of NOLs
The NOLs expire as follows (in thousands):
 
US
 
Canada
 
Federal
 
State
 
Federal
 
Provincial
Expires in:
 
 
 
 
 
 
 
2030
$

 
$

 
$
5,907

 
$
5,985

2031

 

 
7,059

 
7,066

2032

 

 
13,312

 
12,433

2033
3,261

 
2,286

 
18,623

 
19,385

2034
7,012

 
7,185

 
26,741

 
26,149

 
$
10,273

 
$
9,471

 
$
71,642

 
$
71,018

Schedule of reconciliation of the beginning and ending gross amounts of unrecognized tax positions
A reconciliation of the beginning and ending amounts of unrecognized tax positions are as follows (in thousands):
 
Federal
 
Provincial/State
 
December 31,
 
December 31,
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Unrecognized tax positions, beginning of year
$
35

 
$
43

 
$
42

 
$
6

 
$
2

 
$
1

Gross decrease — current period tax positions

 

 

 

 

 

Gross increase — current period tax positions
35

 

 
1

 
12

 

 
1

Gross decrease — prior period tax positions
(28
)
 
(13
)
 

 

 

 

Gross increase — prior period tax positions

 
5

 

 

 
4

 

Unrecognized tax positions, end of year
$
42

 
$
35

 
$
43

 
$
18

 
$
6

 
$
2