XML 47 R24.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Income Tax Disclosure [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,
| 2017 |  | 2016
Deferred income tax assets: |  |  |
Federal U.S. net operating loss carryforward | $ | 50,346 |  |  | $ | 75,377 |
State net operating loss carryforward | 7,551 |  |  | 6,583 |
Research and development credit, net | 21,284 |  |  | 12,829 |
Orphan drug credit, net | 21,708 |  |  | 19,855 |
Deferred rent | 3,385 |  |  | 2,497 |
Deferred revenue | 2,982 |  |  | 5,098 |
Depreciation | 155 |  |  | 2,926 |
Other | 5,847 |  |  | 5,085 |
Gross deferred income tax assets | 113,258 |  |  | 130,250 |
Valuation allowance | (112,453 | ) |  | (128,844 | )
Net deferred income tax assets | 805 |  |  | 1,406 |
Deferred income tax liabilities: |  |  |  |  |
Prepaid expenditures | (805 | ) |  | (1,406 | )
Gross deferred income tax liabilities | (805 | ) |  | (1,406 | )
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,
| 2017 |  | 2016 |  | 2015
United States federal tax at statutory rate | $ | (6,869 | ) |  | $ | (20,489 | ) |  | $ | (7,049 | )
State taxes (net of federal benefit) | (735 | ) |  | (3,116 | ) |  | (897 | )
Deferred income tax adjustments | 607 |  |  | 173 |  |  | 661 |
Deferred state blended rate adjustments | (485 | ) |  | (32 | ) |  | (493 | )
Deferred federal rate change reduction in corporate rate | 39,447 |  |  | — |  |  | — |
Research credit, net | (8,455 | ) |  | (2,551 | ) |  | (3,296 | )
Orphan drug credit, net | (1,853 | ) |  | (571 | ) |  | (106 | )
Other permanent items | 276 |  |  | 145 |  |  | (25 | )
Equity-based compensation | 2,067 |  |  | 1,997 |  |  | 1,102 |
Change in valuation allowance | (24,000 | ) |  | 24,444 |  |  | 10,103 |
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,
| 2017 |  | 2016 |  | 2015
Beginning balance | $ | 2,465 |  |  | $ | 2,425 |  |  | $ | 2,047 |
Increases for current year tax positions | 569 |  |  | 308 |  |  | 357 |
Increases/(decreases) for prior year tax positions | 361 |  |  | (268 | ) |  | 21 |
Ending balance | $ | 3,395 |  |  | $ | 2,465 |  |  | $ | 2,425 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=96868398&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=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration