INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of components of income tax expense attributable to continuing operations

	Year Ended December 31,
	2015			2014			2013
	(In thousands)
Income tax benefit (provision):
Federal	$	46,598		$	43,536		$	30,962
State		10,642			7,328			4,920
Expiration of Net Operating Losses and Research & Development Tax Credits		(155	)		(2,302	)		(126	)
		57,085			48,562			35,756
Deferred tax valuation allowance		(57,085	)		(48,562	)		(35,756	)
	$	—		$	—		$	—

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

	2015			2014			2013
	(In thousands)
Pre-tax loss	$	(127,197	)	$	(118,080	)	$	(81,550	)
Loss at Statutory Rates		(43,247	)		(40,147	)		(27,727	)
Research and Development Credits		(4,935	)		(4,126	)		(3,261	)
State Taxes		(10,642	)		(7,328	)		(4,920	)
Other		1,584			737			26
Expiration of Net Operating Losses and Research & Development Tax Credits		155			2,302			126
Change in Valuation Allowance		57,085			48,562			35,756
Income tax (benefit) provision	$	—		$	—		$	—

Schedule of principal components of the deferred tax assets and liabilities

	December 31, 2015			December 31, 2014
	(In thousands)
Gross Deferred Tax Assets
Net Operating Loss Carryforwards	$	180,777		$	95,577
Tax Credit Carryforwards		35,895			29,709
Deferred Expenses		48,608			85,889
Stock-based Compensation		8,393			5,556
Fixed Assets		2,017			1,882
Deferred Revenue		1,703			2,078
Accrued Expenses and Other		219			202
		277,612			220,893
Gross Deferred Tax Liabilities
Other Acquired Intangibles		(3,382	)		(3,749	)
IPR&D Intangibles		(4,661	)		(4,661	)
		(8,043	)		(8,410	)
Total Deferred Tax Assets and Liabilities		269,569			212,483
Deferred Tax Assets Valuation Allowance		(274,230	)		(217,144	)
Net Deferred Tax Asset (Liability)	$	(4,661	)	$	(4,661	)