| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Loss Before Income Tax Benefit |
The components of loss before income tax benefit were as follows (in thousands):
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Domestic |
|
|
(56,237 |
) |
|
|
(38,702 |
) |
|
|
(17,014 |
) |
|
Foreign |
|
|
(13,447 |
) |
|
|
(606 |
) |
|
|
— |
|
|
Total |
|
$ |
(69,684 |
) |
|
$ |
(39,308 |
) |
|
$ |
(17,014 |
) |
|
Components of Income Tax Provision (Benefit) |
The income tax provision (benefit) consists of the following (in thousands):
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Current income tax provision: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
28,759 |
|
|
$ |
— |
|
|
$ |
— |
|
|
State |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
28,759 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Deferred income tax provision (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
(6,319 |
) |
|
|
— |
|
|
|
— |
|
|
State |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign |
|
|
(976 |
) |
|
|
(99 |
) |
|
|
— |
|
|
Total |
|
|
(7,295 |
) |
|
|
(99 |
) |
|
|
— |
|
|
Total income tax provision (benefit) |
|
$ |
21,464 |
|
|
$ |
(99 |
) |
|
$ |
— |
|
|
Reconciliation of Statutory U.S. Federal Rate to Effective Tax Rate |
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
U.S. federal taxes at statutory rate |
|
|
(35.0 |
%) |
|
|
(34.0 |
%) |
|
|
(34.0 |
%) |
|
State taxes, net of federal benefits |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
U.S. tax credits |
|
|
(43.8 |
) |
|
|
(3.4 |
) |
|
|
(1.0 |
) |
|
Warrants |
|
|
— |
|
|
|
23.0 |
|
|
|
2.1 |
|
|
Add back of Orphan Drug Credit |
|
|
7.4 |
|
|
|
— |
|
|
|
— |
|
|
Incentive stock option compensation |
|
|
3.8 |
|
|
|
1.8 |
|
|
|
0.8 |
|
|
Other |
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.2 |
|
|
Foreign income tax rate differential |
|
|
2.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
Change in valuation allowance |
|
|
96.6 |
|
|
|
11.9 |
|
|
|
31.9 |
|
|
Total |
|
|
30.8 |
% |
|
|
(0.3 |
%) |
|
|
— |
% |
|
Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands):
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
13,795 |
|
|
$ |
18,668 |
|
|
Tax credits |
|
|
12,625 |
|
|
|
2,223 |
|
|
Stock-based compensation |
|
|
4,510 |
|
|
|
2,177 |
|
|
Deferred revenue |
|
|
61,704 |
|
|
|
— |
|
|
Accruals and reserves |
|
|
3,902 |
|
|
|
1,318 |
|
|
Gross deferred tax assets |
|
|
96,536 |
|
|
|
24,386 |
|
|
Valuation allowance |
|
|
(84,528 |
) |
|
|
(24,072 |
) |
|
Total deferred tax assets |
|
|
12,008 |
|
|
|
314 |
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
(4,543 |
) |
|
|
(314 |
) |
|
Intangible assets |
|
|
(7,015 |
) |
|
|
(7,350 |
) |
|
Total deferred tax liabilities |
|
|
(11,558 |
) |
|
|
(7,664 |
) |
|
Net deferred tax liabilities |
|
$ |
450 |
|
|
$ |
(7,350 |
) |
|
Schedule of Unrecognized Tax Benefits |
A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2016 and 2015 is as follows (in thousands):
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
Balance at beginning of year |
|
$ |
1,204 |
|
|
$ |
508 |
|
|
Additions based on tax positions related to prior year |
|
|
614 |
|
|
|
11 |
|
|
Reductions based on tax positions related to prior year |
|
|
(81 |
) |
|
|
— |
|
|
Additions based on tax positions related to current year |
|
|
771 |
|
|
|
685 |
|
|
Balance at end of year |
|
$ |
2,508 |
|
|
$ |
1,204 |
|
|