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Network
100360 - Disclosure - Income Taxes (Tables)
(http://www.agenusbio.com/20161231/taxonomy/role/DisclosureIncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001098972 (http://www.sec.gov/CIK)
Income Tax Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Income Tax Disclosure [Abstract]
 
Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and net operating loss and tax credit carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are presented below (in thousands).

 

 

 

2016

 

 

2015

 

Deferred tax assets:

 

 

 

 

 

 

 

 

U.S. Federal and State net operating loss carryforwards

 

$

241,572

 

 

$

221,139

 

Foreign net operating loss carryforwards

 

 

13,075

 

 

 

8,412

 

Research and development tax credits

 

 

17,723

 

 

 

19,475

 

Share-based compensation

 

 

13,165

 

 

 

10,339

 

Other

 

 

15,513

 

 

 

7,123

 

Total deferred tax assets

 

 

301,048

 

 

 

266,488

 

Less: valuation allowance

 

 

(295,502

)

 

 

(260,057

)

Net deferred tax assets

 

 

5,546

 

 

 

6,431

 

Deferred tax liabilities

 

 

(6,197

)

 

 

(7,093

)

Net deferred tax liability

 

$

(651

)

 

$

(662

)

 

  
Schedule of Effective Income Tax Rate Reconciliation

Income tax benefit was $5.4 million for the year ended December 31, 2015 and nil for each of the years ended December 31, 2016 and 2014, respectively. The income tax benefit of $5.4 million for the year ended December 31, 2015 was entirely related to a deferred tax benefit recognized as a result of deferred tax liabilities recorded in connection with our acquisitions of PhosImmune and certain assets from XOMA. Income taxes recorded differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to loss before income taxes as a result of the following (in thousands).

 

 

 

2016

 

 

2015

 

 

2014

 

Computed “expected” Federal tax benefit

 

$

(42,781

)

 

$

(31,669

)

 

$

(14,445

)

(Increase) reduction in income taxes benefit resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

Change in valuation allowance

 

 

35,471

 

 

 

25,908

 

 

 

14,043

 

(Decrease) increase due to uncertain tax positions

 

 

(203

)

 

 

203

 

 

 

117

 

State and local income benefit, net of Federal income tax

   benefit

 

 

(3,452

)

 

 

(3,869

)

 

 

(642

)

Net operating loss expirations

 

 

—

 

 

 

—

 

 

 

996

 

Foreign rate differential

 

 

4,398

 

 

 

(314

)

 

 

726

 

Other, net

 

 

6,567

 

 

 

4,354

 

 

 

(795

)

Income tax benefit

 

$

—

 

 

$

(5,387

)

 

$

—

 

 

  
Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

 

 

 

2016

 

 

2015

 

 

2014

 

Balance, January 1

 

$

5,481

 

 

$

5,778

 

 

$

5,649

 

Increase related to current year positions

 

 

—

 

 

 

203

 

 

 

90

 

(Decrease) increase related to previously recognized positions

 

 

(203

)

 

 

(500

)

 

 

39

 

Balance, December 31

 

$

5,278

 

 

$

5,481

 

 

$

5,778