Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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)	2017		2016
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)	2017			2016
Tax benefit at U.S. federal statutory rate	$	(5,684	)	$	(5,353	)
Increase in domestic valuation allowance	5,914			10,162
State income taxes benefit before valuation allowance, net of federal benefit	561			(1,160		)
Warrant revaluation income and other financing costs	(898		)	(3,742		)
Credits	(904		)	(366		)
Stock-based compensation	61			239
Return to provision true-ups	127			220
Capital loss carryforward expiration	817			—
Impact of federal rate change	34,463			—
Impact of federal rate change on valuation allowance	(34,463		)	—
Other	6			—
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, 2017 and 2016 were as follows:



	Year ended December 31,
($ in thousands)	2017			2016
Deferred tax liabilities:
Convertible notes	$	2,821		$	4,263
Total deferred tax liabilities	$	2,821		$	4,263
Deferred tax assets:
Loss carryforwards	$	60,428		$	85,263
Intangible assets	68			117
Capital loss carryforward	—			852
Property and equipment	606			1,067
License fees	4,419			7,776
Accrued expenses and other	401			549
Stock-based compensation	2,753			4,059
Credits	1,436			418
Total deferred tax assets before valuation allowance	70,111			100,101
Less: valuation allowance	(67,290		)	(95,838		)
Total deferred tax assets	$	2,821		$	4,263
Net deferred tax assets	$	—		$	—