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Income Taxes (Table)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows (in thousands):

 

 

 

For the Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Foreign

 

$

892

 

 

$

(30,052

)

 

$

(37,088

)

U.S.

 

 

(165,814

)

 

 

(93,768

)

 

 

(158,876

)

Total

 

$

(164,922

)

 

$

(123,820

)

 

$

(195,964

)

Schedule of Significant Components of Company's Deferred Tax Assets The significant components of our deferred tax assets are comprised of the following (in thousands):

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

 

U.S. and state net operating loss carryforwards

 

$

189,629

 

 

$

187,762

 

Research and development credits

 

 

100,436

 

 

 

88,091

 

Fixed assets and intangible assets

 

 

27,312

 

 

 

28,268

 

Stock-based compensation

 

 

13,818

 

 

 

12,555

 

Accruals and other temporary differences

 

 

6,613

 

 

 

5,964

 

Interest Expense - Sec 163(j)

 

 

9,236

 

 

 

3,704

 

Lease liability

 

 

2,193

 

 

 

2,676

 

Applicable High Yield Discount Obligation Interest

 

 

 

 

 

2,069

 

Capitalized research and development

 

 

27,748

 

 

 

388

 

Deferred royalty embedded derivative

 

 

679

 

 

 

720

 

Deferred royalty obligation

 

 

1,805

 

 

 

 

Unicap - Sec 263A

 

 

1,214

 

 

 

903

 

Valuation allowance

 

 

(379,166

)

 

 

(330,902

)

Total deferred tax assets

 

 

1,517

 

 

 

2,198

 

Deferred tax liabilities:

 

 

 

 

 

 

Convertible debt amortization

 

 

(5

)

 

 

(6

)

Right-of-use asset

 

 

(1,512

)

 

 

(1,849

)

Deferred royalty obligation

 

 

 

 

 

(343

)

Total deferred tax liabilities

 

 

(1,517

)

 

 

(2,198

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

 

 

 

For the Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Federal income tax expense at statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income tax, net of federal benefit

 

 

4.0

%

 

 

0.8

%

 

 

1.6

%

Permanent differences

 

 

(3.3

)%

 

 

(2.7

)%

 

 

(1.0

)%

Research and development credit

 

 

6.3

%

 

 

11.3

%

 

 

6.5

%

Foreign rate differential

 

 

%

 

 

(5.2

)%

 

 

(4.1

)%

Change in valuation allowance

 

 

(29.3

)%

 

 

(35.4

)%

 

 

(25.7

)%

Migrated intellectual property

 

 

%

 

 

13.9

%

 

 

2.1

%

Stock-based compensation and 162m adjustment

 

 

(2.0

)%

 

 

(4.3

)%

 

 

(0.6

)%

Provision to return adjustments

 

 

%

 

 

(0.5

)%

 

 

0.3

%

Other

 

 

3.1

%

 

 

0.9

%

 

 

(0.3

)%

Effective income tax rate

 

 

(0.2

)%

 

 

(0.2

)%

 

 

(0.2

)%