Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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, |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
United States |
$ |
(82,815 |
) |
|
$ |
(314,673 |
) |
|
$ |
(118,839 |
) |
Foreign |
|
(568,688 |
) |
|
|
(431,329 |
) |
|
|
(224,190 |
) |
Total |
$ |
(651,503 |
) |
|
$ |
(746,002 |
) |
|
$ |
(343,029 |
) |
|
Schedule of Provision for Income Tax Expense |
Provision for income taxes for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
Year Ended December 31, 2021 |
|
|
Year Ended December 31, 2020 |
|
Current income tax expense: |
|
|
|
|
|
|
|
|
U.S. Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. State and Local |
|
520 |
|
|
|
205 |
|
|
|
57 |
|
Foreign |
|
149 |
|
|
|
147 |
|
|
|
1,788 |
|
Total current income tax expense |
|
669 |
|
|
|
352 |
|
|
|
1,845 |
|
Deferred income tax expense: |
|
|
|
|
|
|
|
|
U.S. Federal |
|
— |
|
|
|
— |
|
|
|
— |
|
U.S. State and Local |
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign |
|
— |
|
|
|
— |
|
|
|
— |
|
Total deferred income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
Total tax expense |
$ |
669 |
|
|
$ |
352 |
|
|
$ |
1,845 |
|
|
Schedule of Reconciliation Between U.S. Federal Statutory Rate and Effective Tax rate |
A reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
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 |
$ |
(136,816 |
) |
|
|
21.0 |
% |
|
$ |
(156,660 |
) |
|
|
21.0 |
% |
|
$ |
(72,036 |
) |
|
|
21.0 |
% |
Foreign tax rate differential |
|
50,219 |
|
|
|
(7.7 |
) |
|
|
38,677 |
|
|
|
(5.2 |
) |
|
|
22,760 |
|
|
|
(6.6 |
) |
State income taxes, net of federal benefit |
|
9,051 |
|
|
|
(1.4 |
) |
|
|
(14,145 |
) |
|
|
1.9 |
|
|
|
(14,107 |
) |
|
|
4.1 |
|
Change in valuation allowances |
|
94,668 |
|
|
|
(14.5 |
) |
|
|
133,668 |
|
|
|
(17.9 |
) |
|
|
240,065 |
|
|
|
(69.9 |
) |
Intellectual property transfer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(162,000 |
) |
|
|
47.2 |
|
Tax credits |
|
(19,966 |
) |
|
|
3.0 |
|
|
|
(20,005 |
) |
|
|
2.6 |
|
|
|
(11,696 |
) |
|
|
3.4 |
|
Change in state apportionment |
|
(35 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
93 |
|
|
|
— |
|
Loss on debt conversion |
|
6,626 |
|
|
|
1.0 |
|
|
|
19,548 |
|
|
|
(2.6 |
) |
|
|
— |
|
|
|
— |
|
Permanent and other |
|
(3,078 |
) |
|
|
0.5 |
|
|
|
(731 |
) |
|
|
0.1 |
|
|
|
(1,234 |
) |
|
|
0.3 |
|
Effective income tax provision |
$ |
669 |
|
|
|
(0.1 |
) |
|
$ |
352 |
|
|
|
(0.1 |
) |
|
$ |
1,845 |
|
|
|
(0.5 |
) |
|
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, |
|
|
2022 |
|
|
2021 |
|
Deferred tax assets: |
|
|
|
|
|
Intangible assets |
$ |
187,839 |
|
|
$ |
180,963 |
|
Share-based compensation |
|
29,673 |
|
|
|
22,404 |
|
Deferred interest expense |
|
— |
|
|
|
3,925 |
|
Net operating loss carryforwards |
|
228,985 |
|
|
|
167,160 |
|
Research and development credits |
|
57,419 |
|
|
|
39,672 |
|
Orphan drug credits |
|
30,160 |
|
|
|
23,678 |
|
Development derivative liability |
|
79,374 |
|
|
|
91,183 |
|
Convertible debt |
|
6,850 |
|
|
|
5,551 |
|
Lease liability |
|
4,304 |
|
|
|
5,029 |
|
Accruals |
|
16,272 |
|
|
|
5,100 |
|
Total deferred tax assets |
|
640,876 |
|
|
|
544,665 |
|
Deferred tax liabilities: |
|
|
|
|
|
Fixed assets |
|
(91 |
) |
|
|
(69 |
) |
Right-of-use asset |
|
(4,032 |
) |
|
|
(4,874 |
) |
481(a) adjustment |
|
(233 |
) |
|
|
(937 |
) |
Total deferred tax liabilities |
|
(4,356 |
) |
|
|
(5,880 |
) |
Net deferred tax assets before allowance: |
|
636,520 |
|
|
|
538,785 |
|
Less valuation allowance |
|
(636,520 |
) |
|
|
(538,785 |
) |
Net deferred tax assets |
$ |
— |
|
|
$ |
— |
|
|