Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of components of the entity's deferred tax assets and liabilities

The income tax benefit consisted of the following (in thousands):

	Years Ended December 31,
	2014			2013		2012
Current:
Federal	$	—		$	—	$	—
State		—			—		—
Total current	$	—		$	—	$	—
Deferred:
Federal	$	(142,884	)	$	—	$	(833	)
State		(10,275	)		—		(21	)
Total deferred	$	(153,159	)	$	—	$	(854	)
Total income tax benefit	$	(153,159	)	$	—	$	(854	)

	Years Ended December 31,
	2014		2013		2012
Statutory U.S. federal tax rate		(34.0)%		(34.0)%		(34.0)%
State taxes, net of federal benefit		(7.9)%		2.4%		4.2%
Equity-based compensation expense		10.6%		9.4%		42.4%
Permanent items, net		16.0%		5.3%		1.2%
Tax credits		(3.0)%		0.5%		0.8%
Valuation allowance		(864.9)%		16.4%		(19.5)%
Total tax benefit		(883.2)%		0.0%		(4.9)%

Schedule of reconciliation of the statutory U.S. federal income tax rate to the entity's effective income tax rate

The components of our deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2014			2013
Assets
Net operating loss carryforwards	$	188,873		$	85,269
Tax credit carryforwards		24,574			12,396
Deferred revenue		17,216			20,368
Equity-based compensation expense		3,436			4,176
Capitalized research & development		32,359			39,214
Intangibles		272			680
Debt instruments		731			—
Reserves		7,782			—
Property, plant and equipment		61			—
Other		5,014			4,371
Liabilities
Property, Plant, and Equipment Depreciation		—			(58	)
Intangible Assets and Inventory Amortization		(290,491	)		—
Other		(1,795	)		—
		(11,968	)		166,416
Valuation allowance		(33,557	)		(166,416	)
Net deferred taxes	$	(45,525	)	$	—