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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Components of Benefit (Provision) for Income Taxes

The components of the benefit (provision) for income taxes were as follows:

		Year Ended December 31,
		2018				2017				2016
		(in thousands)
Current benefit (provision) for income taxes:
Singapore		$	(4	)		$	199			$	—
Rest of world			(65	)			(133	)			(1,180	)
Total current benefit (provision) for income taxes		$	(69	)		$	66			$	(1,180	)
Deferred benefit (provision) for income taxes:
Singapore		$	—			$	(134	)		$	134
Rest of world			—				(774	)			564
Total deferred benefit (provision) for income taxes		$	—			$	(908	)		$	698
Total benefit (provision) for income taxes		$	(69	)		$	(842	)		$	(482	)

Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows:

		December 31,
		2018				2017
		(in thousands)
Deferred tax assets:
Net operating loss carryforwards		$	58,661			$	28,913
Federal and state tax credits			13,783				4,522
Accrued expenses			4,276				1,903
Share-based compensation			3,811				1,921
Accumulated amortization			18,829				—
Other			1,267				176
Total deferred tax assets			100,627				37,435
Valuation allowance			(99,438	)			(36,069	)
Net deferred tax assets			1,189				1,366
Deferred tax liabilities:
Accumulated depreciation			(1,155	)			(1,366	)
Other			(34	)			—
Total deferred tax liabilities			(1,189	)			(1,366	)
Net deferred tax assets (liabilities)		$	—			$	—

Summary of Valuation Allowance

A roll-forward of the valuation allowance for the years ended December 31, 2018 and 2017 is as follows:

		Year Ended December 31,
		2018				2017
		(in thousands)
Balance at beginning of year		$	36,069			$	15,999
Increase in valuation allowance			63,337				20,595
Reversal of valuation allowance			—				(598	)
Effect of foreign currency translation			32				73
Balance at end of year		$	99,438			$	36,069

Summary of Activity in Unrecognized Tax Benefits

A summary of activity in the Company’s unrecognized tax benefits is as follows:

		2018				2017				2016
		(in thousands)
Unrecognized tax benefit at the beginning of the year		$	6,207			$	2,343			$	1,280
Tax positions related to prior years			430				—				(1,066	)
Tax positions related to the current year			3,582				3,864				2,129
Unrecognized tax benefit at the end of the year		$	10,219			$	6,207			$	2,343

Singapore [Member]

Reconciliation of Statutory Income Tax Rate

A reconciliation of the Singapore statutory income tax rate to the Company’s effective income tax rate is as follows:

		Year Ended December 31,
		2018				2017				2016
Singapore statutory income tax rate			17.0	%			17.0	%			17.0	%
Federal and state tax credits			6.6				5.7				3.1
Permanent differences			(0.3	)			(2.6	)			(0.9	)
Changes in reserves for uncertain tax positions			(2.3	)			(3.5	)			(3.6	)
Foreign rate differential			7.8				2.8				(0.1	)
Tax rate change			(0.3	)			(0.9	)			—
Other			0.2				0.4				(0.7	)
Change in deferred tax asset valuation allowance			(28.7	)			(19.7	)			(15.7	)
Effective income tax rate			—				(0.8	)%			(0.9	)%

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.

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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