Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes

The difference between the Company’s provision for income taxes and the amounts computed by applying the statutory federal income tax rate to income before income taxes is as follows (in thousands):

	Year Ended December 31,
	2016			2015			2014
Tax provision derived by applying the federal statutory rate to income before income taxes	$	(7,377	)	$	(3,841	)	$	(3,518	)
Permanent differences and other		333			307			54
Federal tax credits		(1,921	)		(321	)		(289	)
State tax credits		(404	)		—			—
Losses of LLC entity attributable to the members		—			—			730
Conversion of LLC from partnership to corporation		—			(21	)		—
Change in the valuation allowance		9,369			3,876			3,023
Income tax expense /(benefit)	$	—		$	—		$	—

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities consist of the following (in thousands):

	December 31,
	2016			2015
Deferred tax assets
Net operating loss carryforward	$	12,286		$	6,336
Intangible assets		38			41
Accrued expense		335			184
Stock-based compensation		283			112
Federal tax credits		3,291			624
State tax credits		404
Other		76			36
Total deferred tax assets		16,713			7,333
Deferred tax liabilities
Depreciable assets	$	(60	)	$	(49	)
Total deferred tax liabilities		(60	)		(49	)
Less: Valuation allowance		(16,653	)		(7,284	)
Deferred tax assets, net	$	—		$	—