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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

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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=84230637&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=84230637&loc=d3e32687-109319

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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

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