Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
| Income Tax Disclosure [Abstract] |
|
| Components of Loss From Continuing Operation Before Provision for Income Taxes |
The components of loss from continuing operations before provision for income taxes are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
United States |
$ |
(22,701 |
) |
|
$ |
(48,495 |
) |
|
$ |
(82,815 |
) |
Foreign |
|
(174,015 |
) |
|
|
(478,001 |
) |
|
|
(568,688 |
) |
Total |
$ |
(196,716 |
) |
|
$ |
(526,496 |
) |
|
$ |
(651,503 |
) |
|
| Schedule of Provision for Income Tax Expense |
Provision for income taxes for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
|
Year Ended December 31, 2023 |
|
|
Year Ended December 31, 2022 |
|
Current income tax expense: |
|
|
|
|
|
|
|
|
U.S. Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. State and Local |
|
474 |
|
|
|
1,869 |
|
|
|
520 |
|
Foreign |
|
688 |
|
|
|
263 |
|
|
|
149 |
|
Total current income tax expense |
|
1,162 |
|
|
|
2,132 |
|
|
|
669 |
|
Deferred income tax expense: |
|
|
|
|
|
|
|
|
U.S. Federal |
|
— |
|
|
|
— |
|
|
|
— |
|
U.S. State and Local |
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign |
|
— |
|
|
|
— |
|
|
|
— |
|
Total deferred income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
Total tax expense |
$ |
1,162 |
|
|
$ |
2,132 |
|
|
$ |
669 |
|
|
| Schedule of Reconciliation Between U.S. Federal Statutory Rate and Effective Tax rate |
A reconciliation between the U.S. federal statutory tax rate and the Company's effective tax rate is summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Amount |
|
|
Percentage of income before income taxes |
|
|
Amount |
|
|
Percentage of income before income taxes |
|
|
Amount |
|
|
Percentage of income before income taxes |
|
Statutory U.S. federal income tax |
$ |
(41,310 |
) |
|
|
21.0 |
% |
|
$ |
(110,564 |
) |
|
|
21.0 |
% |
|
$ |
(136,816 |
) |
|
|
21.0 |
% |
Foreign tax rate differential |
|
16,791 |
|
|
|
(8.5 |
) |
|
|
42,100 |
|
|
|
(8.0 |
) |
|
|
50,219 |
|
|
|
(7.7 |
) |
State income taxes, net of federal benefit |
|
(18,218 |
) |
|
|
9.3 |
|
|
|
(13,438 |
) |
|
|
2.6 |
|
|
|
9,051 |
|
|
|
(1.4 |
) |
Change in valuation allowances |
|
11,106 |
|
|
|
(5.6 |
) |
|
|
119,592 |
|
|
|
(23.2 |
) |
|
|
94,668 |
|
|
|
(14.5 |
) |
Tax credits |
|
(22,100 |
) |
|
|
11.2 |
|
|
|
(11,566 |
) |
|
|
2.2 |
|
|
|
(19,966 |
) |
|
|
3.0 |
|
GILTI Inclusion Income |
|
59,627 |
|
|
|
(30.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Share Based Compensation |
|
(8,688 |
) |
|
|
4.4 |
|
|
|
(26,881 |
) |
|
|
5.1 |
|
|
|
— |
|
|
|
— |
|
Change in state apportionment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35 |
) |
|
|
— |
|
Loss on debt conversion |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,626 |
|
|
|
(1.0 |
) |
Permanent and other |
|
3,954 |
|
|
|
(2.1 |
) |
|
|
2,889 |
|
|
|
(0.1 |
) |
|
|
(3,078 |
) |
|
|
0.5 |
|
Effective income tax provision |
$ |
1,162 |
|
|
|
(0.6 |
) |
|
$ |
2,132 |
|
|
|
(0.4 |
) |
|
$ |
669 |
|
|
|
(0.1 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities |
The following table presents the principal components of the Company’s deferred tax assets and liabilities (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
Deferred tax assets: |
|
|
|
|
|
Intangible assets |
$ |
177,244 |
|
|
$ |
160,281 |
|
Research and development capitalization |
|
21,474 |
|
|
|
32,163 |
|
Share-based compensation |
|
38,494 |
|
|
|
31,712 |
|
Net operating loss carryforwards |
|
312,672 |
|
|
|
329,135 |
|
Research and development credits |
|
81,340 |
|
|
|
67,667 |
|
Orphan drug credits |
|
48,015 |
|
|
|
34,023 |
|
Development derivative liability |
|
— |
|
|
|
75,190 |
|
Convertible debt |
|
1,021 |
|
|
|
5,582 |
|
Fixed Assets |
|
194 |
|
|
|
18 |
|
Lease liability |
|
3,026 |
|
|
|
2,888 |
|
Accruals |
|
7,668 |
|
|
|
9,998 |
|
Deferred Interest Expense |
|
1,974 |
|
|
|
— |
|
Inventory Reserves |
|
31,476 |
|
|
|
6,317 |
|
UNICAP |
|
1,806 |
|
|
|
1,086 |
|
Total deferred tax assets |
|
726,404 |
|
|
|
756,060 |
|
Deferred tax liabilities: |
|
|
|
|
|
Fixed assets |
|
— |
|
|
|
— |
|
Right-of-use asset |
|
(2,821 |
) |
|
|
(2,672 |
) |
Total deferred tax liabilities |
|
(2,821 |
) |
|
|
(2,672 |
) |
Net deferred tax assets before allowance: |
|
723,583 |
|
|
|
753,388 |
|
Less valuation allowance |
|
(723,583 |
) |
|
|
(753,388 |
) |
Net deferred tax assets |
$ |
— |
|
|
$ |
— |
|
|