Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

The income tax provision (benefit) consisted of the following (in thousands):

Significant components of the Company’s deferred tax assets and liabilities were (in thousands):


	December 31,
	2017		2016
Deferred tax assets:
Federal and state loss carryforwards	$	49,533	$	68,829
Reserves, accruals and other		391		519
Depreciation and amortization		1,100		1,718
Deferred stock-based compensation		2,483		4,287
Research and development credit carryforwards		15,487		13,867
Foreign tax and other credits		513		536
Total deferred tax assets		69,507		89,756
Deferred tax liabilities:
Acquired intangible assets and other		408		328
Less: Valuation allowance		(68,857)		(89,428)
Net deferred tax assets	$	242	$	—

A reconciliation of income taxes provided at the federal statutory rate (35%) to the actual income tax provision follows (in thousands):


	Year Ended December 31,
	2017		2016		2015
Income tax benefit computed at U.S. statutory rate	$	(3,815)	$	(11,229)	$	(10,989)
State income tax (net of federal benefit)		3		3		3
Foreign income tax at rate different from U.S. statutory rate		3		(7)		(15)
Research and development credits		(480)		(981)		(1,580)
Stock-based compensation		(40)		75		123
Amortization of intangible assets		(100)		(100)		(100)
Goodwill impairment		—		1,856		—
Federal tax rate reduction		(26,617)		—		—
Valuation allowance changes affecting tax provision		30,811		10,022		12,588
Other		2		406		56
Income tax (benefit) provision	$	(233)	$	45	$	86

The domestic and foreign components of loss before income tax provision were (in thousands):