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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense for Continuing Operations

Components of income tax expense for continuing operations were as follows:

	Year Ended December 31,
(in thousands)	2019				2018				2017
Current:
Federal	$	—			$	(100	)		$	—
State		9,530				830				—
Total income tax expense	$	9,530			$	730			$	—

Provision for Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:

		December 31,
(in thousands)		2019				2018				2017
Federal income taxes at 21% for 2019 and 2018 and 35% for 2017		$	9,775			$	4,587			$	(49,889	)
State income tax, net of federal benefit			4,044				361				(4,013	)
Tax effect on non-deductible expenses			855				446				433
Branded prescription drug fee			3,707				—				—
Share-based compensation expense			(12,785	)			(9,778	)			(19,589	)
Officer compensation			3,068				915				2,163
Change in tax rate			(4,143	)			(198	)			154,415
Expired tax attributes			1,228				13,874				2,998
Research credits			(10,359	)			(13,526	)			(5,596	)
Change in valuation allowance			13,883				4,306				(79,966	)
Other			257				(257	)			(956	)
		$	9,530			$	730			$	—

Components of Deferred Tax Assets

		December 31,
(in thousands)		2019				2018
Deferred tax assets:
Net operating losses		$	181,300			$	223,800
Research and development credits			71,900				62,200
Capitalized research and development			28,000				34,800
Share-based compensation expense			22,900				17,300
Operating lease assets			23,300				100
Intangible assets			49,300				9,400
Other			18,500				19,100
Total deferred tax assets			395,200				366,700
Deferred tax liabilities:
Convertible senior notes			(24,100	)			(26,400	)
Operating lease liabilities			(18,200	)			—
Other			(6,900	)			(5,100	)
Total deferred tax liabilities			(49,200	)			(31,500	)
Net of deferred tax assets and liabilities			346,000				335,200
Valuation allowance			(346,000	)			(335,200	)
Net deferred tax assets		$	—			$	—

Activity Related to Unrecognized Tax Benefits

A summary of activity related to unrecognized tax benefits follows:

		Year Ended December 31,
(in thousands)		2019				2018				2017
Balance at January 1		$	54,775			$	37,403			$	34,112
Increases related to prior year tax positions			281				6,103				—
Increases related to current year tax positions			9,519				11,726				3,291
Expiration of the statute of limitations for the assessment of taxes			(657	)			(457	)			—
Balance at December 31		$	63,918			$	54,775			$	37,403

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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.

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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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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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Tabular disclosure of the change in unrecognized tax benefits.

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