Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Income Tax Benefit

The components of our income tax benefit in 2015 and 2014 are as follows:

	2015			2014
Current Tax Benefit
Federal	$	—		$	—
State		(585	)		(2,019	)
		(585	)		(2,019	)
Deferred Tax Expense (Benefit)
Federal		—			—
State		—			—
		—			—
Total Tax Benefit	$	(585	)	$	(2,019	)

Schedule of Effective Income Tax Rate Reconciliation

The effective rate differs from the statutory rate of 34% for 2015, 2014 and 2013 primarily due to the following:

	2015			2014			2013
Statutory Rate on pre-tax book loss		(34.00	%)		(34.00	%)		(34.00	%)
Stock option issuance		0.14	%		0.09	%		0.08	%
Sale of NJ NOL’s		1.05	%		2.51	%		0.00	%
Disallowed interest		0.10	%		0.51	%		3.57	%
Derivatives		11.72	%		14.75	%		13.71	%
Expired net operating losses and credits		0.00	%		2.74	%		41.83	%
Utilization of net operating loss		0.00	%		0.00	%		(2.86	%)
State Tax benefit of Sale of NJ NOL		(1.45	%)		(7.37	%)		0.00	%
State Tax benefit — other		(3.85	%)		(2.82	%)		6.21	%
True-ups and adjustments		(0.57	%)		0.02	%		0.44	%
Change in federal valuation allowance		25.42	%		16.22	%		(28.85	%)
		(-1.44	%)		(7.35	%)		0.13	%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences, net operating loss carry-forwards, and research and experimental tax credit carryforwards as of December 31, 2015 and 2014 is as follows:

Deferred tax assets and valuation allowance:

	December 31,
	2015			2014
	(in thousands)
Current deferred tax asset:
Accrued liabilities	$	111		$	23
Valuation allowance		(111	)		(23	)
Net current deferred tax asset		—			—
Non-current deferred tax assets:
Fixed and intangible assets		11			9
Net operation loss carry-forwards		122,205			121,180
AMT credit carry-forwards		74			74
Capital loss and charitable carry-forwards		13			9
Research and experimental tax credits		11,021			11,021
Stock compensation		586			486
Deferred revenue		22,213			16,621
Interest		6,870			3,414
Valuation allowance	$	(162,993	)	$	(152,814	)
Net non-current deferred tax asset		—			—