Rigel Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of components of the entity's deferred tax assets

Significant components of our deferred tax assets are as follows (in thousands):

		December 31,
		2014			2013
Deferred tax assets
Net operating loss carryforwards		$	268,400		$	236,737
Research and development credits			31,735			28,869
Capitalized research and development expenses			20,312			499
Deferred compensation			28,408			24,538
Other, net			7,876			3,466

Total deferred tax assets			356,731			294,109
Valuation allowance			(356,731	)		(294,109	)

Net deferred tax assets		$	—		$	—

Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate

		Year Ended December 31,
		2014			2013			2012
Federal statutory tax rate			(34.0	)%		(34.0	)%		(34.0	)%
Valuation allowance			32.3	%		37.9	%		47.5	%
True up of prior year net operating loss			0.0	%		0.0	%		(11.4	)%
Other, net			1.7	%		(3.9	)%		(2.1	)%

Effective tax rate			0.0	%		0.0	%		0.0	%

Schedule of activity related to the entity's gross unrecognized tax benefits

The following table summarizes the activity related to our gross unrecognized tax benefits (in thousands):

		Year Ended December 31,
		2014			2013
Balance at the beginning of the year		$	5,001		$	4,300
Increase related to prior year tax positions			—			249
Increase related to current year tax positions			373			452

Balance at the end of the year		$	5,374		$	5,001