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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
			2019						2018
Deferred income tax assets:
Federal U.S. net operating loss carryforward			$	116,436					$	87,284
State net operating loss carryforward			31,110						22,809
Research and development credit, net			35,580						29,750
Orphan drug credit, net			22,881						22,580
Operating lease liabilities			8,413						—
Deferred revenue			367						3,736
Other			9,123						9,972
Gross deferred income tax assets			223,910						176,131
Valuation allowance			(214,893)						(172,457)
Net deferred income tax assets			9,017						3,674
Deferred income tax liabilities:
Depreciation			(438)						(1,911)
Operating lease ROU assets			(5,547)						—
Prepaid expenditures			(3,032)						(1,763)
Gross deferred income tax liabilities			(9,017)						(3,674)
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,
			2019						2018						2017
United States federal tax at statutory rate			$	(31,880)					$	(36,005)					$	(6,869)
State taxes (net of federal benefit)			(9,524)						(11,133)						(735)
Deferred income tax adjustments			2,004						(4,435)						607
Deferred state blended rate adjustments			—						—						(485)
Deferred federal rate change reduction in corporate rate			—						—						39,447
Research credit, net			(5,830)						(8,466)						(8,455)
Orphan drug credit, net			(301)						(872)						(1,853)
Other permanent items			1,206						148						276
Equity-based compensation			1,889						758						2,067
Change in valuation allowance			42,436						60,005						(24,000)
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,
			2019						2018						2017
Beginning balance			$	4,318					$	3,395					$	2,465
Increases for current year tax positions			637						642						569
Increases/(decreases) for prior year tax positions			(5)						281						361
Ending balance			$	4,950					$	4,318					$	3,395

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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