Rendering

Component: (Network and Table)
Network
100350 - Disclosure - Income Taxes (Tables)
(http://www.adurobiotech.com/20161231/taxonomy/role/DisclosureIncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Income Tax Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Income Tax Disclosure [Abstract]
 
Components of Loss Before Income Tax Benefit

The components of loss before income tax benefit were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Domestic

 

 

(56,237

)

 

 

(38,702

)

 

 

(17,014

)

Foreign

 

 

(13,447

)

 

 

(606

)

 

 

 

Total

 

$

(69,684

)

 

$

(39,308

)

 

$

(17,014

)

 

 
 
Components of Income Tax Provision (Benefit)

 

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

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Current income tax provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

28,759

 

 

$

 

 

$

 

State

 

 

 

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

 

 

 

Total

 

$

28,759

 

 

$

 

 

$

 

Deferred income tax provision (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(6,319

)

 

 

 

 

 

 

State

 

 

 

 

 

 

 

 

 

Foreign

 

 

(976

)

 

 

(99

)

 

 

 

Total

 

 

(7,295

)

 

 

(99

)

 

 

 

Total income tax provision (benefit)

 

$

21,464

 

 

$

(99

)

 

$

 

 

 
 
Reconciliation of Statutory U.S. Federal Rate to Effective Tax Rate

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

  

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

U.S. federal taxes at statutory rate

 

 

(35.0

%)

 

 

(34.0

%)

 

 

(34.0

%)

State taxes, net of federal benefits

 

 

 

 

 

 

 

 

 

U.S. tax credits

 

 

(43.8

)

 

 

(3.4

)

 

 

(1.0

)

Warrants

 

 

 

 

 

23.0

 

 

 

2.1

 

Add back of Orphan Drug Credit

 

 

7.4

 

 

 

 

 

 

 

Incentive stock option compensation

 

 

3.8

 

 

 

1.8

 

 

 

0.8

 

Other

 

 

(0.6

)

 

 

 

 

 

0.2

 

Foreign income tax rate differential

 

 

2.4

 

 

 

0.4

 

 

 

 

Change in valuation allowance

 

 

96.6

 

 

 

11.9

 

 

 

31.9

 

Total

 

 

30.8

%

 

 

(0.3

%)

 

 

%

 

 
 
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands):

  

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

13,795

 

 

$

18,668

 

Tax credits

 

 

12,625

 

 

 

2,223

 

Stock-based compensation

 

 

4,510

 

 

 

2,177

 

Deferred revenue

 

 

61,704

 

 

 

 

Accruals and reserves

 

 

3,902

 

 

 

1,318

 

Gross deferred tax assets

 

 

96,536

 

 

 

24,386

 

Valuation allowance

 

 

(84,528

)

 

 

(24,072

)

Total deferred tax assets

 

 

12,008

 

 

 

314

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Tangible assets

 

 

(4,543

)

 

 

(314

)

Intangible assets

 

 

(7,015

)

 

 

(7,350

)

Total deferred tax liabilities

 

 

(11,558

)

 

 

(7,664

)

Net deferred tax liabilities

 

$

450

 

 

$

(7,350

)

 

 
 
Schedule of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2016 and 2015 is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

Balance at beginning of year

 

$

1,204

 

 

$

508

 

Additions based on tax positions related to prior year

 

 

614

 

 

 

11

 

Reductions based on tax positions related to prior year

 

 

(81

)

 

 

 

Additions based on tax positions related to current year

 

 

771

 

 

 

685

 

Balance at end of year

 

$

2,508

 

 

$

1,204