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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities |
| As of December 31,
| 2020 |  | 2019
| (in thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 201,610 |  |  | $ | 193,270 |
Research and development tax credits | 29,304 |  |  | 46,306 |
Orphan drug credits | 24,524 |  |  | 24,524 |
Capitalized research and development | 47,075 |  |  | 58,596 |
Stock-based compensation | 5,651 |  |  | 5,340 |
Other | 844 |  |  | 5,533 |
Total deferred tax assets | 309,008 |  |  | 333,569 |
Deferred tax liabilities: |  |  |
Deferred tax liability related to acquisition of Symphony Icon | — |  |  | (4,140) |
Other | — |  |  | (3) |
Total deferred tax liabilities | — |  |  | (4,143) |
Less: valuation allowance | (309,008) |  |  | (329,426) |
Net deferred tax liabilities | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31, 2020, 2019 and 2018 consists of the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Expected income tax expense (benefit) at 21% | $ | (12,300) |  |  | $ | 26,065 |  |  | $ | (25,315) |
State income taxes, net of federal benefit | (269) |  |  | 445 |  |  | (809) |
Equity compensation | 1,777 |  |  | 1,688 |  |  | 1,059 |
Research and development credit | — |  |  | — |  |  | (978) |
Write off of credit carryover due to 382 study | 31,053 |  |  | — |  |  | — |
Change in valuation allowance | (20,418) |  |  | (35,276) |  |  | 25,928 |
Other (1) | 157 |  |  | 1,064 |  |  | 115 |
Income tax benefit | $ | — |  |  | $ | (6,014) |  |  | $ | — |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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