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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income taxes

For financial reporting purposes, income (loss) before income taxes includes the following components:

	Years Ended December 31,
(in thousands)	2018				2017				2016
United States	$	(309,183	)		$	(440,696	)		$	(174,913	)
Foreign	(39,906		)		(8,425		)		(28,868		)
Total	$	(349,089	)		$	(449,121	)		$	(203,781	)

Schedule of income tax expense (benefit)

Following were the components of income tax expense (benefit) for the years ended December 31, 2018, 2017 and 2016:

(in thousands)	2018				2017				2016
Current
Federal	$	—			$	—			$	—
State	6				9				7
Foreign	(100		)		2,276				—
Deferred
Federal	—				(150,015		)		(1,101		)
State	—				(17,389		)		(2,645		)
Foreign	—				—				—
Total	$	(94	)		$	(165,119	)		$	(3,739	)

Schedule of reconciliation of the statutory tax rates and the effective tax rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2018, 2017 and 2016 are as follows:

	Years Ended December 31,
	2018			2017			2016
Statutory rate	(21	)%		(34	)%		(34	)%
State taxes, net of federal benefit	(4	)		(5	)		(5	)
Nondeductible IPR&D	6			(1	)		3
Contingent consideration	1			(18	)		—
Tax credits	(10	)		(2	)		(3	)
Foreign income tax rate differential	2			5			2
Impact of 2017 Act	—			27			—
Other	—			5			(1	)
Valuation allowance	26			(14	)		36
Net	—	%		(37	)%		(2	)%

Schedule of significant components of the deferred tax assets and liabilities

The significant components of the deferred tax assets and liabilities are as follows:

	For Years Ended December 31,
(in thousands)	2018				2017
Deferred tax assets
Intellectual property	$	48,339			$	44,573
Amortization/depreciation	3,732				3,082
Research tax credit	96,509				43,382
Net operating loss carry forwards	248,398				221,912
Deferred revenue	4,401				6,158
Non-cash stock issue	16,850				10,751
Interest carry forward limitation	1,032				—
Others	10,852				7,328
Gross deferred tax assets	430,113				337,186
Deferred tax liabilities
Business acquisition	(6,465		)		(6,465		)
Royalty payable	(48,339		)		(44,573		)
Convertible notes	(16,666		)		(18,991		)
Advanced R&D payments	(2,103		)		(3,069		)
Total net deferred tax assets	356,540				264,088
Less: valuation allowance	(363,005		)		(270,553		)
Net deferred tax liability	$	(6,465	)		$	(6,465	)

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

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