INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of components of income tax expense attributable to continuing operations

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
Income tax benefit (provision):
Federal	$	43,536		$	30,962		$	19,394
State		7,328			4,920			4,237
Expiration of Net Operating Losses and Research & Development Tax Credits		(2,302	)		(126	)		(1,426	)
		48,562			35,756			22,205
Deferred tax valuation allowance		(48,562	)		(35,756	)		(22,205	)
	$	—		$	—		$	—

Schedule of reconciliation between the amount of reported income tax and the amount computed using the U.S. Statutory rate

	2014			2013			2012
	(In thousands)
Pre-tax loss	$	(118,080	)	$	(81,550	)	$	(59,123	)
Loss at Statutory Rates		(40,147	)		(27,727	)		(20,102	)
Research and Development Credits		(4,126	)		(3,261	)		—
State Taxes		(7,328	)		(4,920	)		(4,237	)
Other		737			26			708
Expiration of Net Operating Losses and Research & Development Tax Credits		2,302			126			1,426
Change in Valuation Allowance		48,562			35,756			22,205
Income tax (benefit) provision	$	—		$	—		$	—

Schedule of principal components of the deferred tax assets and liabilities

	December 31, 2014			December 31, 2013
	(In thousands)
Gross Deferred Tax Assets
Net Operating Loss Carryforwards	$	95,577		$	79,558
Tax Credit Carryforwards		29,709			25,582
Deferred Expenses		85,889			61,370
Stock-based Compensation		5,556			3,926
Fixed Assets		1,882			1,638
Deferred Revenue		2,078			447
Accrued Expenses and Other		202			176
		220,893			172,697
Gross Deferred Tax Liabilities
Other Acquired Intangibles		(3,749	)		(4,115	)
IPR&D Intangibles		(4,661	)		(4,661	)
		(8,410	)		(8,776	)
Total Deferred Tax Assets and Liabilities		212,483			163,921
Deferred Tax Assets Valuation Allowance		(217,144	)		(168,582	)
Net Deferred Tax Asset (Liability)	$	(4,661	)	$	(4,661	)