Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
| Income Tax Disclosure [Abstract] |
|
| Loss from Continuing Operations Before Provision for Income Taxes |
Loss from continuing operations before provision for income taxes for the Company’s domestic and international operations was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
United States |
|
$ |
(10,377 |
) |
|
$ |
(87,400 |
) |
|
$ |
(80,926 |
) |
Foreign |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss before provision for income taxes |
|
$ |
(10,377 |
) |
|
$ |
(87,400 |
) |
|
$ |
(80,926 |
) |
|
| Provision for Income Taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Current |
|
|
|
|
|
|
|
|
|
U.S. federal |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. state |
|
|
1,555 |
|
|
|
— |
|
|
|
— |
|
Non-U.S. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total current |
|
|
1,555 |
|
|
|
— |
|
|
|
— |
|
Deferred |
|
|
|
|
|
|
|
|
|
U.S. federal |
|
|
(190 |
) |
|
|
(5,606 |
) |
|
|
(5,170 |
) |
U.S. state |
|
|
7,002 |
|
|
|
(4,334 |
) |
|
|
(14,461 |
) |
Non-U.S. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total deferred |
|
|
6,812 |
|
|
|
(9,940 |
) |
|
|
(19,631 |
) |
Valuation allowance |
|
|
(6,806 |
) |
|
|
9,940 |
|
|
|
19,631 |
|
Net deferred |
|
|
6 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,561 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Components of Net Deferred Tax Assets |
Components of the net deferred tax assets are approximately as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
506,641 |
|
|
$ |
542,537 |
|
Research and development credits |
|
|
77,007 |
|
|
|
78,804 |
|
Capitalized research costs |
|
|
14,225 |
|
|
|
4,369 |
|
Milestone Rights |
|
|
1,006 |
|
|
|
1,331 |
|
Accrued expenses |
|
|
3,760 |
|
|
|
2,675 |
|
Loss on purchase commitment |
|
|
22,806 |
|
|
|
23,117 |
|
Non-qualified stock option expense |
|
|
3,559 |
|
|
|
7,686 |
|
Capitalized patent costs |
|
|
6,720 |
|
|
|
8,058 |
|
Other |
|
|
3,405 |
|
|
|
3,204 |
|
Lease liability |
|
|
1,280 |
|
|
|
1,624 |
|
Interest expense limitation |
|
|
2,782 |
|
|
|
10,991 |
|
Depreciation |
|
|
21,134 |
|
|
|
22,157 |
|
Deferred product revenue and costs |
|
|
346 |
|
|
|
370 |
|
Sale of future royalties |
|
|
34,848 |
|
|
|
- |
|
Total deferred tax assets |
|
|
699,519 |
|
|
|
706,923 |
|
Valuation allowance |
|
|
(698,228 |
) |
|
|
(705,034 |
) |
Net deferred tax assets |
|
$ |
1,291 |
|
|
$ |
1,889 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Right of use asset |
|
$ |
(1,121 |
) |
|
$ |
(1,640 |
) |
Other prepaids |
|
|
(176 |
) |
|
|
(249 |
) |
Total deferred tax liabilities |
|
|
(1,297 |
) |
|
|
(1,889 |
) |
Net deferred tax assets |
|
$ |
(6 |
) |
|
$ |
— |
|
|
| Effective Tax Rate |
The Company’s effective tax rate differs from the statutory federal income tax rate as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Federal tax benefit rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
State tax expense (net of federal benefit) |
|
|
-11.8 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Permanent items |
|
|
-2.8 |
% |
|
|
-0.1 |
% |
|
|
-4.4 |
% |
Officers compensation |
|
|
-35.3 |
% |
|
|
-1.1 |
% |
|
|
0.0 |
% |
Stock based compensation |
|
|
-5.6 |
% |
|
|
0.4 |
% |
|
|
0.3 |
% |
Tax attribute expirations |
|
|
0.4 |
% |
|
|
-13.2 |
% |
|
|
-5.9 |
% |
Valuation allowance |
|
|
9.1 |
% |
|
|
-7.2 |
% |
|
|
-11.2 |
% |
Other deferred adjustments |
|
|
10.0 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
Effective income tax rate |
|
|
-15.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| Summary of Positions for which Significant Change in Unrecognized Tax Benefits |
A reconciliation of beginning and ending amounts of unrecognized tax benefits was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Unrecognized Tax Benefit |
|
|
|
|
|
|
|
|
|
Beginning of Year |
|
$ |
268,902 |
|
|
$ |
268,902 |
|
|
$ |
268,902 |
|
Gross increases for tax positions of prior years |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gross decreases for tax positions of current year |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Settlements |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lapse of statute of limitations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
End of Year |
|
$ |
268,902 |
|
|
$ |
268,902 |
|
|
$ |
268,902 |
|
|