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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Reconciliation of the federal statutory income tax rate to our effective income tax rate

		Year Ended
		December 31,
		2017			2016			2015
Federal statutory income tax		$	(16,917)		$	7,718		$	(6,157)
State and local income taxes			(2,436)			1,451			—
Research and development credit			(5,554)			(2,544)			708
Stock based compensation			2,709			733			651
Effect of the 2017 Tax Cut and Jobs Act			23,859			—			—
Other			262			8			14
Net change in valuation allowance			(2,386)			(6,366)			4,784
Income tax provision (benefit)		$	(463)		$	1,000		$	—

Schedule of tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities

		2017			2016
Deferred income tax assets
Net operating loss carryforwards		$	25,564		$	54,860
Research credits			16,642			11,561
Depreciation			437			668
Unrealized loss on securities			504			573
Accrued compensation			748			719
Deferred revenue			26,442			5,236
State taxes			(2)			97
Gross deferred income tax assets			70,335			73,714
Valuation allowance			(67,284)			(69,670)
Net deferred income tax assets			3,051			4,044
Deferred income tax liabilities
Patent costs			(2,873)			(3,725)
Licensing costs			(142)			(261)
Capitalized legal costs			(36)			(58)
Gross deferred income tax liabilities			(3,051)			(4,044)
Net deferred income tax asset		$	—		$	—

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- References

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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=84230637&loc=d3e32537-109319

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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=84230637&loc=d3e32687-109319

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