Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of components of income tax benefit (provision)

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Income Tax Benefit (Provision):
Federal	$	22,255	$	57,547	$	45,518
State		6,406		(2,479)		7,268
Foreign		913		2,448		1,124
Income Tax Rate Change		—		(99,528)		—
		29,574		(42,012)		53,910
Deferred Tax Valuation Allowance		(28,809)		66,294		(53,910)
	$	765	$	24,282	$	—

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

	2018		2017		2016
	(In thousands)
Pre-Tax Loss	$	(151,949)	$	(117,313)	$	(128,530)
Loss at Statutory Rates		(31,909)		(39,887)		(43,700)
Difference in Foreign Tax Rates		—		326		150
Research and Development Credits		(2,056)		(2,847)		(5,203)
State Taxes		(6,406)		(6,283)		(7,268)
Income Tax Rate Change		—		99,528		—
Other		(1,175)		(321)		2,111
Milestone Abandonment		(6,220)		—		—
Intangible Impairment		19,105		—		—
Recognition of APIC NOLs		—		(5,729)		—
Impact of Pass-through Entities		(913)		(2,775)		—
Change in Valuation Allowance		28,809		(66,294)		53,910
Income Tax (Benefit) Provision	$	(765)	$	(24,282)	$	—

Schedule of principal components of the deferred tax assets and liabilities

	December 31,		December 31,
	2018		2017
	(In thousands)
Gross Deferred Tax Assets
Net Operating Loss Carryforwards	$	168,239	$	146,228
Foreign Net Operating Loss Carryforwards		4,485		3,572
Tax Credit Carryforwards		39,761		36,458
Deferred Research and Development Expenses		76,555		79,272
Stock-based Compensation		11,977		10,718
Fixed Assets		1,761		1,305
Deferred Revenue		13		686
Accrued Expenses and Other		183		316
		302,974		278,555
Gross Deferred Tax Liabilities
Other Acquired Intangibles		120		(1,792)
IPR&D Intangibles		(12,748)		(15,992)
Total Deferred Tax Assets and Liabilities		290,346		260,771
Valuation Allowance		(293,353)		(264,543)
Net Deferred Tax Liability	$	(3,007)	$	(3,772)