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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Components of the Company's Deferred Income Tax Assets (Liabilities)

The significant components of the Company's deferred income tax assets (liabilities) were as follows (in thousands):

		December 31,
		2015				2014
Deferred income tax assets:
Federal U.S. net operating loss carryforward		$	57,949			$	55,358
State net operating loss carryforward			3,907				3,723
Research and development credit, net			10,278				7,177
Orphan drug credit, net			19,284				19,287
Deferred rent			2,947				4,069
Deferred revenue			6,632				3,989
Depreciation			1,597				1,337
Other			2,532				962
Gross deferred income tax assets			105,126				95,902
Valuation allowance			(104,399	)			(94,297	)
Net deferred income tax assets			727				1,605
Deferred income tax liabilities:
Prepaid expenditures			(727	)			(1,605	)
Gross deferred income tax liabilities			(727	)			(1,605	)
Net deferred income tax asset/(liability)		$	—			$	—

Reconciliation of Reported Estimated Income Tax Benefit

The reconciliation of the reported estimated income tax benefit to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):

		Year Ended December 31,
		2015				2014				2013
United States federal tax at statutory rate		$	(7,049	)		$	(13,410	)		$	(91	)
State taxes (net of federal benefit)			(897	)			(1,608	)			609
Deferred income tax adjustments			661				—				(855	)
Deferred state blended rate adjustments			(493	)			3,034				(344	)
Research credit, net			(3,296	)			(2,228	)			(226	)
Transaction cost deduction			—				(379	)			—
Transaction cost deduction - prior year adjustment			—				(564	)			—
Orphan drug credit, net			(106	)			(139	)			(843	)
Other permanent items			(25	)			(382	)			3
Equity-based compensation			1,102				756				241
Fair value adjustment of preferred stock warrant liability			—				—				219
Change in valuation allowance			10,103				14,920				1,287
Income tax expense/(benefit)		$	—			$	—			$	—

Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2015				2014				2013
Beginning balance		$	2,047			$	1,708			$	1,592
Increases/(decreases) for current year tax positions			357				242				116
Increases/(decreases) for prior year tax positions			21				97				—
Decreases as a result of expiration of statute of limitations			—				—				—
Ending balance		$	2,425			$	2,047			$	1,708

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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=6907707&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=6907707&loc=d3e32687-109319

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- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

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