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, 2013

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,

		2013			2012
Deferred tax assets
Net operating loss carryforwards		$	236,737		$	208,772
Research and development credits			28,869			23,118
Capitalized research and development expenses			499			19,813
Deferred compensation			24,538			27,420
Other, net			3,466			4,145


Total deferred tax assets			294,109			283,268
Valuation allowance			(294,109	)		(283,268	)


Net deferred tax assets		$	—		$	—

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

		Year Ended December 31,

		2013			2012			2011
Federal statutory tax rate			(34.0	)%		(34.0	)%		(34.0	)%
Valuation allowance			37.9	%		47.5	%		33.6	%
True up of prior year net operating loss			0.0	%		(11.4	)%		0.0	%
Other, net			(3.9	)%		(2.1	)%		0.4	%


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,

		2013			2012
Balance at the beginning of the year		$	4,300		$	1,500
Increase related to prior year tax positions			249			2,600
Increase related to current year tax positions			452			200


Balance at the end of the year		$	5,001		$	4,300