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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

		Year Ended December 31,
		2016				2015				2014
Current
U.S. federal		$	—			$	—			$	—
U.S. state			—				—				—
Non-U.S.			—				—				—
Total current			—				—				—
Deferred
U.S. federal			(43,814	)			109,512				57,873
U.S. state			(4,311	)			(29,394	)			7,631
Non-U.S.			—				—				—
Total deferred			(48,125	)			80,118				65,504
Valuation allowance			48,125				(80,118	)			(65,504	)
Total		$	—			$	—			$	—

Components of Net Deferred Tax Assets

Components of the net deferred tax assets as of December 31, 2016 and 2015, are as follows (in thousands):

		December 31,
		2016				2015
Deferred tax assets:
Net operating loss carryforwards		$	712,124			$	721,588
Research and development credits			77,998				73,646
Capitalized research			5,117				5,872
Payments from collaboration			—				52,484
Milestone Rights			3,242				3,242
Accrued expenses			440				251
Loss on purchase commitment			36,775				24,084
Non-qualified stock option expense			17,331				16,941
Capitalized patent costs			8,781				8,574
Other			7,380				7,186
Depreciation			45,310				48,755
Total net deferred tax assets			914,498				962,623
Valuation allowance			(914,498	)			(962,623	)
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, 2016, 2015 and 2014:

		December 31,
		2016				2015				2014
Federal tax benefit rate			35.0	%			35.0	%			35.0	%
Permanent items			(1.9	)			—				0.9
Intercompany transfer of intellectual property			0.9				(1.0	)			(4.1	)
Valuation allowance			(34.0	)			(34.0	)			(31.8	)
Effective income tax rate			—	%			—	%			—	%

X

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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X

- 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=65882285&loc=d3e32537-109319

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X

- 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=65882285&loc=d3e32687-109319

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