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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Components of Net Deferred Tax Asset | Components of the net deferred tax asset as of December 31, 2011 and 2012 are approximately as follows (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 557,427 |  |  | $ | 609,471 |
Research and development credits |  |  | 59,848 |  |  |  | 65,315 |
Capitalized research |  |  | 32,440 |  |  |  | 31,490 |
Accrued expenses |  |  | 2,827 |  |  |  | 2,922 |
Non-qualified stock option expense |  |  | 27,964 |  |  |  | 30,928 |
Depreciation |  |  | 8,906 |  |  |  | 10,025 |
Total net deferred tax assets |  |  | 689,412 |  |  |  | 750,151 |
Valuation allowance |  |  | (689,412 | ) |  |  | (750,151 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Effective Income Tax Rate | The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2010, 2011 and 2012:
|  | December 31, |
|  | 2010 |  |  | 2011 |  |  | 2012 |
Federal tax benefit rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State tax benefit, net of federal benefit |  |  | — |  |  |  | — |  |  |  | — |
Permanent items |  |  | — |  |  |  | — |  |  |  | — |
Intercompany transfer of intellectual property |  |  | (5.0 | ) |  |  | (5.0 | ) |  |  | (4.0 | )
Valuation allowance |  |  | (30.0 | ) |  |  | (30.0 | ) |  |  | (31.0 | )
Effective income tax rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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