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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Reconciliation of Federal Statutory Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2012 |  |  | 2013 |
Federal statutory income tax rate |  |  | (34.0 | %) |  |  | (34.0 | %) |  |  | (34.0 | %)
Federal and state research and development tax credit |  |  | (6.4 | ) |  |  | (1.2 | ) |  |  | (9.0 | )
Orphan drug tax credit |  |  | — |  |  |  | — |  |  |  | (3.1 | )
State taxes, net of federal benefit |  |  | (5.4 | ) |  |  | (5.0 | ) |  |  | (4.0 | )
Meals and entertainment |  |  | 0.1 |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.6 |
Nondeductible Australia research and development expenses |  |  | — |  |  |  | 1.8 |  |  |  | 4.1 |
Change in deferred tax asset valuation allowance |  |  | 45.5 |  |  |  | 38.2 |  |  |  | 45.4 |
Effective income tax rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Schedule of Net Deferred tax Assets | Net deferred tax assets as of December 31, 2012 and 2013 consisted of the following:
|  | December 31, |
|  | 2012 |  |  | 2013 |
Accrued expenses |  | $ | 46 |  |  | $ | 18 |
Other temporary differences |  |  | 1 |  |  |  | 2 |
Total current deferred tax assets |  |  | 47 |  |  |  | 20 |
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |
Capitalized research and development expenses |  |  | 16,676 |  |  |  | 19,856 |
Net operating loss carryforwards |  |  | 3,209 |  |  |  | 4,021 |
Tax credit carryforwards |  |  | 3,656 |  |  |  | 5,579 |
Capitalized legal expenses |  |  | 385 |  |  |  | 790 |
Stock-based compensation |  |  | 33 |  |  |  | 91 |
Total noncurrent deferred tax assets |  |  | 23,959 |  |  |  | 30,337 |
Total gross deferred tax assets |  |  | 24,006 |  |  |  | 30,357 |
Valuation allowance |  |  | (24,006 | ) |  |  | (30,357 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |
Summary of Changes in the Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2011, 2012 and 2013 related primarily to the increase in net operating loss carryforwards, capitalized research and development expenses and research and development tax credit carryforwards and were as follows:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2012 |  |  | 2013 |
Valuation allowance as of beginning of year |  | $ | 12,748 |  |  | $ | 18,744 |  |  | $ | 24,006 |
Decreases recorded as benefit to income tax provision |  |  | — |  |  |  | — |  |  |  | — |
Increases recorded to income tax provision |  |  | 5,996 |  |  |  | 5,262 |  |  |  | 6,351 |
Valuation allowance as of end of year |  | $ | 18,744 |  |  | $ | 24,006 |  |  | $ | 30,357 |

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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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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Valuation Allowance -URI http://asc.fasb.org/extlink&oid=6528051 + Details
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