Income taxes (Tables)

12 Months Ended

Dec. 31, 2016

The provision (benefit) for income taxes is as follows:


	Year ended December 31,
	2016		2015
	(in thousands)
Current
Federal	$	180	$	—
State		—		—
Total current		180		—
Deferred
Federal		(111)		—
State		(17)		—
Total deferred		(128)		—
Total tax expense	$	52	$	—

Schedule of principal components of the Company’s deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and (liabilities) as of December 31, 2016 and 2015 are as follows:


	Year ended December 31,
	2016		2015
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	8,927	$	12,521
Tax credit carryforwards		4,284		1,969
Deferred rent		1,964		516
Deferred revenue		16,333		—
Non-deductible expenses		714		577
Intangibles		998		376
Stock compensation		672		115
Total deferred tax assets		33,892		16,074
Less valuation allowance		(31,361)		(15,207)
Net deferred tax assets		2,531		867
Deferred tax liabilities
Depreciation and amortization		(2,501)		(867)
Unrealized gain on available-for-sale securities		(30)		—
Net deferred taxes	$	—	$	—

Schedule of reconciliation of the expected income tax (benefit) computed using the federal statutory income tax rate to the effective income tax rate

A reconciliation of the expected income tax (benefit) computed using the federal statutory income tax rate at the Company’s effective tax rate is as follows:


	Year ended December 31,
	2016			2015			2014
Income tax computed at federal statutory tax rate		34.0	%		34.0	%		34.0	%
State taxes, net of federal benefit		5.6	%		4.1	%		5.5	%
General business credit carryovers		4.2	%		3.1	%		2.2	%
Non-deductible expenses		(4.0)	%		(15.5)	%		(5.0)	%
Change in valuation allowance		(40.2)	%		(25.7)	%		(36.7)	%
Total		(0.4)	%		—	%		—	%