Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
INCOME TAXES  
Schedule of components of the entity's deferred tax assets

Significant components of our deferred tax assets are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2016

    

2015

 

Deferred tax assets

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

297,445

 

$

276,740

 

Orphan drug and research and development credits

 

 

44,348

 

 

36,387

 

Deferred compensation

 

 

21,618

 

 

22,647

 

Capitalized research and development expenses

 

 

1,877

 

 

1,761

 

Other, net

 

 

3,069

 

 

4,966

 

Total deferred tax assets

 

 

368,357

 

 

342,501

 

Valuation allowance

 

 

(368,357)

 

 

(342,501)

 

Net deferred tax assets

 

$

 —

 

$

 —

 

 

Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2016

    

2015

    

2014

 

Federal statutory tax rate

 

(34.0)

%  

(34.0)

%  

(34.0)

%

Valuation allowance

 

35.0

%  

31.3

%  

32.3

%

Other, net

 

(1.0)

%  

2.7

%  

1.7

%  

Effective tax rate

 

0.0

%  

0.0

%  

0.0

%  

 

Schedule of activity related to the entity's gross unrecognized tax benefits

The following table summarizes the activity related to our gross unrecognized tax benefits (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2016

    

2015

 

Balance at the beginning of the year

 

$

17,278

 

$

5,374

 

Increase (decrease) related to prior year tax positions

 

 

(11,332)

 

 

11,332

 

Increase related to current year tax positions

 

 

957

 

 

572

 

Balance at the end of the year

 

$

6,903

 

$

17,278