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Income Taxes (Tables)

12 Months Ended

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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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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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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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.

+ References

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-Publisher FASB

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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

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-Name Accounting Standards Codification

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