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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of provision for income taxes based on loss before income taxes

The Company's loss before income taxes was generated in the US and globally as follows (in thousands):

		Years ended December 31,
		2015			2014			2013
US		$	(100,278	)	$	(89,581	)	$	(57,294	)
Foreign			(19,876	)		-			-
​	​	​	​	​	​	​	​	​	​	​
Total		$	(120,154	)	$	(89,581	)	$	(57,294	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of components of the total provision/(benefit) for income taxes

              The Company's income tax provision / (benefit) consisted of the following (in thousands):

		Years ended December 31,
		2015			2014			2013
Current:
Federal		$	-		$	-		$	-
State			(2,015	)		(10,422	)		(1,221	)
Foreign			44			-			-
​	​	​	​	​	​	​	​	​	​	​
			(1,971	)		(10,422	)		(1,221	)
​	​	​	​	​	​	​	​	​	​	​
Deferred:
Federal			-			-			-
State			-			-			-
Foreign			-			-			-
​	​	​	​	​	​	​	​	​	​	​
			-			-			-
​	​	​	​	​	​	​	​	​	​	​
Total		$	(1,971	)	$	(10,422	)	$	(1,221	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Reconciliation between The Federal Statutory Tax Rate and Effective Tax Rate

		Years Ended December 31,
		2015			2014			2013
Statutory federal tax rate			34	%		34	%		34	%
Permanent items			(4	)%		(3	)%		0	%
State income taxes, net of federal benefit			4	%		(7	)%		7	%
R&D and other tax credits			12	%		5	%		7	%
Foreign income taxes			(1	)%		0	%		0	%
Change in state tax rate			0	%		0	%		2	%
Change in valuation allowance			(43	)%		(17	)%		(49	)%
Other			0	%		0	%		1	%
​	​	​	​	​	​	​	​	​	​	​
Effective tax rate			2	%		12	%		2	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Deferred Tax Assets and Liabilities

		As of December 31,
		2015			2014
		(in thousands)
Deferred tax assets:
Net operating loss carryforwards		$	195,052		$	160,758
General business credits			33,360			18,150
Alternative minimum tax (AMT) credit			418			418
Other			10,569			7,863
​	​	​	​	​	​	​	​
Gross deferred tax assets		$	239,399		$	187,189
Deferred tax liabilities:
In-process research and development		$	(23,245	)	$	(23,245	)
​	​	​	​	​	​	​	​
Deferred tax liabilities		$	(23,245	)	$	(23,245	)
​	​	​	​	​	​	​	​
Net deferred tax assets		$	216,154		$	163,944
​	​	​	​	​	​	​	​
Valuation allowance			(216,154	)		(163,944	)
​	​	​	​	​	​	​	​
Net deferred tax assets		$	-		$	-
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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