Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Expense Benefit

The components of the income tax expense (benefit) related to operations, were as follows:



	Year ended December 31,
($ in thousands)	2016		2015
U.S. Federal:
Current	$	—	$	—
Deferred	—		—
U.S. State:
Current	—		—
Deferred	—		—
Income tax expense (benefit)	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between income tax expense (benefit) at the U.S. federal statutory rate and the amount recorded in the accompanying Consolidated Financial Statements were as follows:



	Year ended December 31,
($ in thousands)	2016			2015
Tax benefit at U.S. federal statutory rate	$	(5,353	)	$	(12,183	)
Increase in domestic valuation allowance	10,162			14,236
State income taxes benefit before valuation allowance, net of federal benefit	(1,160		)	(1,122		)
Warrant revaluation income and other financing costs	(3,742		)	(1,026		)
Credits	(366		)	—
Stock-based compensation	239			292
Return to provision true-ups	220			(40		)
Other	—			(157		)
Income tax expense (benefit)	$	—		$	—

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s net deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows:



	Year ended December 31,
($ in thousands)	2016			2015
Deferred tax liabilities:
Intangible assets	$	—		$	1,764
Convertible notes	4,263			—
Total deferred tax liabilities	$	4,263		$	1,764
Deferred tax assets:
Loss carryforwards	$	85,263		$	77,194
Intangible assets	117			—
Capital loss carryforward	852			840
Property and equipment	1,067			1,096
License fees	7,776			8,351
Accrued expenses and other	549			886
Stock-based compensation	4,059			3,445
Credits	418			—
Total deferred tax assets before valuation allowance	100,101			91,812
Less: valuation allowance	(95,838		)	(90,048		)
Total deferred tax assets	$	4,263		$	1,764
Net deferred tax assets	$	—		$	—