Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Income Tax Disclosure [Abstract] |
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Loss Before Provision for Income Taxes by Country |
Income (loss) before provision for income taxes by country for each of the fiscal periods presented is summarized as follows (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | Ireland | | $ | (162,865 | ) | | $ | (164,797 | ) | | $ | (83,009 | ) | Switzerland | | 480 |
| | — |
| | — |
| U.S. | | 4,782 |
| | 5,833 |
| | 3,098 |
| Loss before provision for income taxes | | $ | (157,603 | ) | | $ | (158,964 | ) | | $ | (79,911 | ) |
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Components of the Provision for Income Taxes |
Components of the provision for income taxes for each of the fiscal periods presented consisted of the following (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | Current: | | | | | | | U.S. Federal | | $ | (2,478 | ) | | $ | 4,464 |
| | $ | 1,663 |
| U.S. State | | 1 |
| | 1 |
| | 1 |
| Switzerland | | 306 |
| | — |
| | — |
| Ireland | | 5 |
| | — |
| | — |
| Total current provision | | $ | (2,166 | ) | | $ | 4,465 |
| | $ | 1,664 |
| Deferred: | | | | | | | U.S. Federal | | $ | (2,200 | ) | | $ | (3,321 | ) | | $ | (963 | ) | U.S. State | | — |
| | — |
| | — |
| Switzerland | | — |
| | — |
| | — |
| Ireland | | — |
| | — |
| | — |
| Total deferred benefit | | (2,200 | ) | | (3,321 | ) | | $ | (963 | ) | Total provision for income taxes | | $ | (4,366 | ) | | $ | 1,144 |
| | $ | 701 |
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Reconciliation Between Income Taxes Computed at the Standard Irish Statutory Tax Rate and the Provision for income Taxes |
ollowing is a reconciliation between income taxes computed at the Irish statutory tax rate and the provision for income taxes for each of the fiscal periods presented (in thousands): | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2017 | | 2016 | | 2015 | Taxes at the Irish statutory tax rate of 12.5% | | $ | (19,700 | ) | | $ | (19,870 | ) | | $ | (9,989 | ) | Income tax at rates other than applicable statutory rate | | 678 |
| | 813 |
| | 446 |
| Change in valuation allowance | | 28,967 |
| | 25,200 |
| | 12,594 |
| Share-based payments | | (8,242 | ) | | 422 |
| | 214 |
| Tax credits | | (5,857 | ) | | (5,384 | ) | | (2,712 | ) | Other | | (212 | ) | | (37 | ) | | 148 |
| Provision for (benefit from) income taxes | | $ | (4,366 | ) | | $ | 1,144 |
| | $ | 701 |
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Significant Components of Net Deferred Tax Assets |
Significant components of the Company’s net deferred tax assets as of December 31, 2017 and 2016 are as follows (in thousands): | | | | | | | | | | | | December 31, | | | 2017 | | 2016 | Deferred tax assets: | | | | | Net operating losses | | $ | 67,653 |
| | $ | 47,218 |
| Tax credits | | 16,308 |
| | 4,937 |
| Accruals | | 1,285 |
| | 1,322 |
| Share-based compensation | | 7,444 |
| | 8,966 |
| Gross deferred tax assets | | 92,690 |
| | 62,443 |
| Valuation allowance | | (83,972 | ) | | (56,382 | ) | Net deferred tax assets | | 8,718 |
| | 6,061 |
| Deferred tax liability: | | | | | Fixed Assets | | (605 | ) | | (148 | ) | Net deferred tax assets | | $ | 8,113 |
| | $ | 5,913 |
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Summary of Income Tax Contingencies |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | 2017 | | 2016 | Gross Unrecognized Tax Benefits at January 1 | $ | 2,406 |
| | $ | 1,061 |
| Additions for tax positions taken in the current year | 1,464 |
| | 1,346 |
| Additions for tax positions taken in the prior year | 398 |
| | — |
| Reductions for tax positions taken in the prior year | — |
| | (1 | ) | Gross Unrecognized Tax Benefits at December 31 | $ | 4,268 |
| | $ | 2,406 |
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