| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Loss before Income Taxes |
The domestic and foreign components of loss before income taxes are as follows, in thousands:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Domestic |
|
$ |
(350,704 |
) |
|
$ |
(245,681 |
) |
|
$ |
(372,137 |
) |
|
Foreign |
|
|
(59,404 |
) |
|
|
(44,392 |
) |
|
|
(28,467 |
) |
|
Loss before income taxes |
|
$ |
(410,108 |
) |
|
$ |
(290,073 |
) |
|
$ |
(400,604 |
) |
|
Schedule of Components of Net Deferred Tax (Liability) Asset |
Components of the net deferred tax (liability) asset at December 31, 2016 and 2015 are as follows, in thousands:
|
|
|
2016 |
|
|
2015 |
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
346,965 |
|
|
$ |
253,908 |
|
|
Research and development credits |
|
|
111,394 |
|
|
|
61,424 |
|
|
AMT credits |
|
|
788 |
|
|
|
788 |
|
|
Foreign tax credits |
|
|
3,196 |
|
|
|
3,196 |
|
|
Capitalized research and development and start-up costs |
|
|
18,138 |
|
|
|
19,075 |
|
|
Deferred revenue |
|
|
20,853 |
|
|
|
17,279 |
|
|
Deferred compensation |
|
|
51,355 |
|
|
|
33,397 |
|
|
Intangible assets |
|
|
14,725 |
|
|
|
16,181 |
|
|
Partnership interest |
|
|
1,623 |
|
|
|
689 |
|
|
Other |
|
|
7,845 |
|
|
|
6,508 |
|
|
Total deferred tax assets |
|
|
576,882 |
|
|
|
412,445 |
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
— |
|
|
|
— |
|
|
Unrealized gain on available-for-sale securities |
|
|
(1,524 |
) |
|
|
(14,947 |
) |
|
Deferred tax asset valuation allowance |
|
|
(575,358 |
) |
|
|
(397,498 |
) |
|
Net deferred tax liability |
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of Benefit from Income Taxes |
The benefit from income taxes for the years ended December 31, 2016, 2015 and 2014 are as follows, in thousands:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
U.S.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Deferred |
|
|
— |
|
|
|
— |
|
|
|
(40,209 |
) |
|
Total U.S. |
|
|
— |
|
|
|
— |
|
|
|
(40,209 |
) |
|
Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deferred |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total Foreign |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Benefit from income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(40,209 |
) |
|
Schedule of Effective Income Tax Rate Differs from Statutory Federal Income Tax Rate |
Our effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2016, 2015 and 2014:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
At U.S. federal statutory rate |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
State taxes, net of federal effect |
|
|
3.7 |
|
|
|
4.0 |
|
|
|
1.8 |
|
|
Stock-based compensation |
|
|
(1.4 |
) |
|
|
(1.1 |
) |
|
|
(0.2 |
) |
|
Tax credits |
|
|
11.8 |
|
|
|
8.0 |
|
|
|
3.5 |
|
|
Orphan drug credit |
|
|
(3.5 |
) |
|
|
(2.0 |
) |
|
|
(0.6 |
) |
|
Other permanent items |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
Foreign rate differential |
|
|
(5.1 |
) |
|
|
(5.4 |
) |
|
|
(2.5 |
) |
|
In-process research and development |
|
|
— |
|
|
|
— |
|
|
|
(19.4 |
) |
|
Tax basis in intangible assets as a result of Sirna transaction |
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
Valuation allowance |
|
|
(40.1 |
) |
|
|
(38.4 |
) |
|
|
(11.8 |
) |
|
Effective income tax rate |
|
|
— |
% |
|
|
— |
% |
|
|
10.0 |
% |
|