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EXCEL - IDEA: XBRL DOCUMENT - Furiex Pharmaceuticals, Inc.Financial_Report.xls
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EX-32.1 - CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 906 - Furiex Pharmaceuticals, Inc.d276649dex321.htm
EX-32.2 - CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 - Furiex Pharmaceuticals, Inc.d276649dex322.htm
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EX-31.1 - CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 - Furiex Pharmaceuticals, Inc.d276649dex311.htm
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v2.4.0.6
Income Taxes
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes

10.    Income Taxes

Taxes computed at the statutory U.S. federal income tax rate of 35% are reconciled to the provision for income taxes as follows:

 

$0000000 $0000000 $0000000
     Year Ended December 31,  
     2009     2010     2011  

Effective tax rate

     0     0     0
  

 

 

   

 

 

   

 

 

 

Statutory rate of 35%

   $ (2,905 )   $ (17,329   $ (17,138

State taxes, net of federal benefit

     —          (2,031 )     (284

Permanent differences

     (22     111        371   

Change in valuation allowance

     3,776        10,119        17,065   

Net operating loss and related items offset by former Parent Company consolidated group

     (849 )     9,144        —     
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

   $ —        $ 14      $ 14   
  

 

 

   

 

 

   

 

 

 

Components of the current deferred tax assets (liabilities) were as follows:

 

$0000000 $0000000
     December 31,  
     2010     2011  

Accrued expenses

   $ 254      $ 435   

Valuation allowance

     (254     (435
  

 

 

   

 

 

 

Total current deferred tax asset (liability)

   $ —        $ —     
  

 

 

   

 

 

 

Components of the long-term deferred tax assets (liabilities) were as follows:

 

$0000000 $0000000
     December 31,  
     2010     2011  

Other depreciation and amortization

   $ 2,938      $ 2,399   

Stock options

     349        1,290   

Future benefit of carryforward losses

     13,385        29,853   

Valuation allowance

     (16,864     (33,748
  

 

 

   

 

 

 

Total long-term deferred tax asset (liability)

   $ (192 )   $ (206
  

 

 

   

 

 

 

For the year ended December 31, 2010 and 2011, the Company has recorded an insignificant amount of income tax expense. This amount relates to the adjustment of a deferred tax liability associated with historical goodwill, which is deductible for tax purposes, but is an indefinite lived intangible asset for financial reporting. The amounts reflected in the statements of operations for the year ended December 31, 2010 and 2011 are the tax effect of the tax amortization of this item. Because the associated deferred tax liability relates to an indefinite lived intangible,

 

the Company does not consider this item in computing the valuation allowance related to the Company's net deferred tax assets. As of December 31, 2010 and 2011, the deferred tax liability associated with this intangible asset, reflected in other long-term liabilities within the combined and consolidated balance sheets, was approximately $0.2 million.

The Company has determined that any uncertain tax positions for the tax years open for examination would have no material impact on the combined and consolidated financial statements of the Company.

The Company has federal operating loss carry forwards of approximately $79.3 million that will expire in 2030. The Company also has state operating loss carry forwards of approximately $46.5 million that will begin to expire in 2013.