Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The provision for income taxes is based on net loss before income taxes as follows:

	DECEMBER 31,
(in thousands)	2015			2014			2013
Net loss before income taxes:
United States	$	(59,211	)	$	(48,133	)	$	(31,148	)
Other	(15,013		)	—			—
Net loss before income taxes	$	(74,224	)	$	(48,133	)	$	(31,148	)
The components of the provision for income taxes are as follows:
	DECEMBER 31,
(dollars in thousands)	2015			2014			2013
Provision for income taxes:
Current:
United States	$	139		$	—		$	—
Other	—			—			—
Total	$	139		$	—		$	—
Deferred:
United States	$	—		$	—		$	—
Other	—			—			—
Total	—			—			—
Provision for income taxes	$	139		$	—		$	—
Effective tax rate	(0.19		)%	—		%	—		%

Summary of Significant Components of Company's Net Deferred Income Tax Assets

Significant components of the Company’s net deferred income tax assets as of December 31, 2015 and 2014 consist of the following:

	DECEMBER 31,
(in thousands)	2015			2014
Net deferred tax assets:
Net operating loss carry-forwards	$	6,335		$	42,863
Share based compensation	7,231			3,249
U.S. tax credit carry-forwards	3,823			631
Other assets	1,488			1,633
Other liabilities	(696		)	(693		)
Valuation allowance	(18,181		)	(47,683		)
Total net deferred income taxes	$	—		$	—

Reconciliation of U.S. Statutory Rate and Effective Tax Rate

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2015, 2014 and 2013 is as follows:

	DECEMBER 31,
	2015		2014		2013
U.S. federal tax rate	35.00	%	35.00	%	35.00	%
State income taxes, net of federal benefit	(0.90	)%	6.13	%	5.36	%
Taxable gain resulting from IP Assignment	(75.31	)%	—	%	—	%
Non-taxable foreign loss	(6.98	)%	—	%	—	%
Tax deferral from IP Assignment	3.56	%	—	%	—	%
Other	0.02	%	(0.04	)%	(0.03	)%
Valuation allowance	44.42	%	(41.09	)%	(40.33	)%
Effective tax rate	(0.19	)%	—	%	—	%