Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

The Company's loss before income taxes in the US and globally was as follows (in thousands):

The Company's income tax (benefit) provision consisted of the following (in thousands):

The reconciliation between the federal statutory tax rate of 34% and the Company's effective tax rate is as follows:



	Years Ended December 31,
	2017		2016		2015
Statutory federal tax rate	34	%	34	%	34	%
Permanent items	(3	)%	(3	)%	(4	)%
State income taxes, net of federal benefit	4	%	4	%	4	%
R&D and other tax credits	8	%	8	%	12	%
Foreign income taxes	(6	)%	(4	)%	(1	)%
Impact of 2017 Tax Act	(49	)%	—	%	—	%
Change in valuation allowance	12	%	(39	)%	(43	)%
Other	—	%	—	%	—	%
Effective tax rate	—	%	—	%	2	%

The components of the deferred tax assets and liabilities consist of the following:



	As of December 31,
	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	186,342		$	228,729
General business credits	66,371			50,648
Product license	7,730			11,783
Alternative minimum tax (AMT) credit	—			418
Other	17,217			16,265
Gross deferred tax assets	$	277,660		$	307,843
Deferred tax liabilities:
In-process research and development	$	(16,360	)	$	(23,245	)
Deferred tax liabilities	$	(16,360	)	$	(23,245	)
Net deferred tax assets	$	261,300		$	284,598
Valuation allowance	(261,300		)	(284,598		)
Net deferred tax assets	$	—		$	—